President Muhammadu Buhari has given assent to the bill amending the Deep Offshore (and Inland Basin Production Sharing Contract) Act.
President Buhari, currently on a private visit to London, United Kingdom (UK), made this announcement via a post on his official Twitter handle.
The Deep Offshore (and Inland Basin Production Sharing Contract) Act was recently passed into law by the National Assembly. President Buhari, in his tweet, appreciated the lawmakers for their cooperation in making the ‘long overdue’ amendment possible.
Buhari described the signing as a landmark moment for Nigeria. The president also claimed that Nigeria will now receive its fair, rightful and equitable share of income from its own natural resources for the first time since 2003.
He further explained that during his 2020 Budget Presentation Speech, before the National Assembly in October, he highlighted the need to urgently review the fiscal terms for deep offshore oil fields, to reflect current realities and to ensure increased government revenues.
“All attempts to amend the law on the distribution of income have failed, until today. A combination of complicity by Nigerian politicians and feet-dragging by oil companies has, for more than a quarter-century, conspired to keep oil taxes to the barest minimum.
"Today this changes. For the first time under our amended law, 200 million Nigerians will start to receive a fair return on the surfeit of resources of our lands. Increased income will allow for new hospitals, schools, infrastructure and jobs,” President Buhari said.