Buhari Assents to Deep Offshore Act
President Muhammadu Buhari has signed the amended Deep Offshore Act.
Senior Special Assistant to the President on Media & Publicity, Garba Shehu announced this in a statement on Monday revealing that the signing ceremony took place in London on Monday.
The President who is currently away on private visit to the British capital was quoted by the statement as describing the signing as an important day for all Nigerians, particularly the young generation.
According to him, Nigeria will now receive its fair, rightful and equitable share of income from its own natural resources for the first time since 2003.
He noted that rapid reductions in the cost of exploration, extraction and maintenance of oil fields had occurred over these 25 years, at the same time as sales prices have risen.
The President further added that he had during his 2020 Budget Presentation, highlighted the need to urgently review the fiscal terms for deep offshore oil fields, a step that will ensure increased revenue for the government.
The signing was witnessed by the Chief of Staff to the President, Abba Kyari.