President Buhari signs amended Deep Offshore Act

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President Buhari assenting to the Deep Offshore Act as amended | Twitter @MBuhari

UK – The amended Deep Offshore Act was signed Monday by President Muhammadu Buhari in London, to enable equitable share of income from oil production.

This was revealed in a series of tweets from the official and verified twitter handle of the president seen on Monday.

Tweets from the verified twitter handle of President Muhammadu Buhari.
“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.”

“Nigeria will now receive its fair, rightful and equitable share of income from our own natural resources for the first time since 2003.”

Tweets from the verified twitter handle of President Muhammadu Buhari.

“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.”

“Today marks a new and beneficial relationship with our oil company partners: one that benefits all – starting with the Nigerian people.”

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