President Buhari Signs the Amended Deep Offshore Act

By The World Satellite


Nigeria Signs Amended Deep Offshore Act
    President Buhari signing the amended Deep OffShore Act in London. With him is the Chief of Staff; Malam Abba Kyari

    President Muhammadu Buhari on Monday in London signed the amended Deep Offshore Act noting that it is very important for all Nigerians – particularly the young generation.

    Garba Shehu; Senior Special Assistant to the President on Media & Publicity revealed this in a statement wherein he explained that with the signing of 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.

    Garba Shehu in his statement quoted the President thus: “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 to amend the law on the distribution of income have failed. That is, until today.

    “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. A combination of complicity by Nigerian politicians and feet-dragging by oil companies has, for more than a quarter-century, conspired to keep taxes to the barest minimum above $20 per barrel – even as now the price is some three times the value.

    “Today this 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.”

    The Chief of Staff to the President, Malam Abba Kyari, was with him when he signed the Act.




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