President Muhammadu Buhari has today while in London has signed an amended Deep offshore Act. Buhari commended the National Assembly for its cooperation in fast racking the Act.
Buhari described the signing as a landmark achievement for Nigeria, saying the amended bill is capable of generating an additional $500 million dollars income to the Nigerian Government.
This was contained in a press statement signed by Garba Shehu, the Senior Special Assistant on Media to the President which was sent to Daily post.
The statement partly reads; “Today is an important day for all Nigerians but particularly the young generation.
“Today I signed into law the amended Deep Offshore Act. Nigeria will now receive its fair, rightful and equitable share of income from our own natural resources for the first time since 2003.
According to the report that Year oil prices shoot geometrically to double its price and a times triple over the following decade.
Saying that all this time Nigeria has failed to secure its reasonable share of the earnings of oil production, for all attempts to redistribute income across the strata have failed, not until today.
“Quick 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 raised, the statement added.
“with the signing of the bill today. For the first time under our amended law, 200 million Nigerians will start to benefit a fair dividend on the excess 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.”