DAILY FILE – President Muhammadu Buhari has signed the bill seeking to amend the deep offshore and inland basin production sharing contract (DOIBPSC) act into law in far away London.
The bill seeks to amend the act by reviewing the sharing formula to accrue more benefits to the federal government.
Nigeria is projected to earn an additional income of $1.4 billion annually from international oil companies operating in the country if the bill seeking to amend a particular section of the act is passed into law.
According to Buhari’s Media Adviser, Femi Adesina:”President Buhari assents to Bill amending the Deep Offshore (and Inland Basin Production Sharing Contract) Act on 4th Nov 2019
Deep Offshore Bill 1: President Buhari this afternoon assented to the Bill amending the Deep Offshore (and Inland Basin Production Sharing Contract) Act, recently passed into law by the National Assembly. The amended Bill will generate at least 500 million US dollars additional revenue for the Federal Government in 2020, and over one billion dollars from 2021. With him is Chief of Staff Abba Kyari”
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