President Muhammadu Buhari has signed the Production Sharing Contract bill into law.
This was announced through his official Twitter handle on Monday.
He said, “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.”
He also added that;
“You will recall that in my 2020 Budget Presentation Speech before the National Assembly in October, I highlighted the need to urgently review the fiscal terms for deep offshore oil fields, to reflect current realities and to ensure increased government revenues.
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.
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 these 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”.