President Muhammadu Buhari Monday in London signed the amended Deep Offshore Act.
\nAccording to the President, \u201cToday is an important day for all Nigerians \u2013 but particularly the young generation.<\/p>\n
\u201cToday 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.<\/p>\n
\u201cIn that year oil prices began a steep increase to double \u2013 and at times \u2013 triple over the following decade.<\/p>\n
\u201cAll 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.<\/p>\n
\u201cRapid 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.<\/p>\n
\u201cA 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 \u2013 even as now the price is some three times the value.<\/p>\n
\u201cToday 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.<\/p>\n
\u201cToday marks a new and beneficial relationship with our oil company partners: one that benefits all \u2013 starting with the Nigerian people.\u201d<\/p>\n
The Chief of Staff to the President, Malam Abba Kyari, was with him when he signed the Act.<\/p>\n","protected":false},"excerpt":{"rendered":"
President Muhammadu Buhari Monday in London signed the amended Deep Offshore Act. According to the President, \u201cToday is an important day for all Nigerians \u2013 but particularly the young generation. \u201cToday I signed into law the amended Deep Offshore Act. Nigeria will now receive its fair, rightful and equitable share of income from our own […]<\/p>\n","protected":false},"author":7,"featured_media":111869,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[110,3,15,2],"tags":[23024,51707,20554],"yoast_head":"\n