President Muhammadu Buhari in London, United Kingdom assented to the Bill amending Deep Offshore (and Inland Basin Production Sharing Contract) Act, assisted by his Chief of Staff Abba Kyari on Monday.
The amended Bill will generate an estimated $500m in additional revenues for the FG in 2020, and over $1bn from 2021, according to a tweet from the Presidency.
Buhari tweeted, “This afternoon I assented to the Bill amending the Deep Offshore (and Inland Basin Production Sharing Contract) Act. This is a landmark moment for Nigeria; let me use this opportunity to thank the National Assembly for the cooperation that produced this long-overdue amendment.
“You will recall that in my 2020 Budget Presentation Speech before the National Assembly in October, I highlighted the need to urgently review the fiscal terms for deep offshore oil fields, to reflect current realities and to ensure increased government revenues.
“Now, a month later, we have together with the 9th National Assembly made history with the passage and the signing of the amended Bill into law. We will continue to work together to deliver on all our promises to ensure inclusive growth and enhance the welfare of all Nigerians.”
