LONDON TRIP: Buhari Signs Deep Offshore Bill Into Law

President Muhammadu Buhari on Monday in London, assented to the bill amending the Deep Offshore and Inland Basin Production Sharing Contract .

This was announced through his official Twitter handle  saying “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.”

According to the President official Twitter handle @MBuhari and Senior Special Assistant on Media and Publicity, @GarShehu, said that “All this time Nigeria has failed to secure its equitable share of the proceeds of oil production, 

“President @MBuhari today assented to the Bill amending the Deep Offshore (& Inland Basin Production Sharing Contract.

“You will recall that in my 2020 Budget Presentation Speech before the National Assembly in October, I highlighted t… 

”Now, a month later, we have together with the 9th National Assembly made history with the passage and the signing o…

“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 b…

“Today this changes. For the first time under our amended law, 200 million Nigerians will start to receive a fair re…

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

“In that year oil prices began a steep increase to double – and at times – triple over the following decade.

“All this time Nigeria has failed to secure its equitable share of the proceeds of oil production, for all attempts

According to the President, “Today is an important day for all Nigerians – but particularly the young generation,” he said via is twitter handle.