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