President Muhammadu Buhari has signed the Deep Offshore and Inland Basin Production Sharing Contract (PSC) Amendment Bill into law while vacationing in London.
The law will significantly increase Nigeria’s share of earnings earned from oil wells offshore the country.
The bill was approved by the National Assembly a fortnight ago and submitted to the president for the final assent into law.
The president announced the signing of the law through a post on his official Twitter handle, @MBuhari this afternoon.
“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,” the president said on Monday.
The Deep Offshore and Inland Basin Production Sharing Contracts Act was enacted on March 23, 1999, with its commencement backdated to January 1, 1993.