President Muhammadu Buhari has assented to the Bill amending the Deep Offshore (and Inland Basin Production Sharing Contract) Act. The President who is currently on a private visit to London, United Kingdom, made this announcement in a post on his official Twitter handle.
Deep Offshore (and Inland Basin Production Sharing Contract) Act was recently passed into law by the national assembly. President Buhari in his tweet appreciated the lawmakers for their cooperation in making the ‘long overdue’ amendment possible.
He added that that during his 2020 Budget Presentation Speech before the National Assembly in October he had earlier highlighted the need to urgently review the fiscal terms for deep offshore oil fields, to reflect current realities and to ensure increased government revenues.