President Muhammadu Buhari has signed the bill seeking to amend the deep offshore and inland basin production sharing contract (DOIBPSC) act into law.
The bill seeks to amend the act by reviewing the sharing formula to accrue more benefits to the federal government.
Nigeria is projected to earn an additional income of $1.4 billion annually from international oil companies operating in the country if the bill seeking to amend a particular section of the act is passed into law.
More to follow…
The Cable
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