Buhari fulfills promise, signs bill amending deep offshore act into law

Buhari fulfills promise, signs bill amending deep offshore act into law

- President Buhari has assented to a bill amending deep offshore act

- The signing was done on Thursday, November 4

- Buhari said he had pledged to review the fiscal terms for deep offshore oil fields in order to reflect the current realities in the country

President Muhammadu Buhari has assented to the bill amending the deep offshore and inland basin production sharing contract act.

Legit.ng reports that the president who made this known on Monday, November 4, in his official Twitter page, appreciated the current National Assembly for its effort on the amendment.

He described the signing of the bill into law as landmark moment for the country, adding that the amendment was long overdue.

Buhari said he had highlighted the need to urgently review the fiscal terms for deep offshore oil fields, to reflect current realities and to ensure increased government revenues during his 2020 budget presentation speech before the National Assembly in October.

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He said: "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.

He said Nigeria would now receive its fair, rightful and equitable share of income from its own natural resources for the first time since 2003.

According to him, all attempts to amend the law on the distribution of income have failed, stressing that a combination of complicity by Nigerian politicians and feet-dragging by oil companies have, for more than a quarter-century, conspired to keep oil taxes to the barest minimum.

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Meanwhile, Legit.ng had previously reported that President Buhari directed the ministry of finance, budget and national planning to release N600 billion for capital expenditure in the next three months.

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Source: Legit.ng News

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