Connect with us
DOWNLOAD THE ABNTV NEWS MOBILE APP
Now Available On:

Breaking News

Abba Kyari Takes Bill To President Buhari In London For Signing

Published

on

Abba Kyari Takes Bill To President Buhari In London For Signing
Abba Kyari meets President Buhari in UK

The Chief of Staff to the President, Abba Kyari, on Monday took a bill to President Muhammadu Buhari, who is in London on a private visit, for signing.

This was contained in a statement issued by the Senior Special Assistant on Media and publicity, Malam Garba Shehu.

Buhari said “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.

“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.

READ ALSO:   FAYOSE: How President Buhari Made Northern Youths Issue Quit Notice To Igbos

“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.” he said

READ ALSO:   EXPLOSIVE!! Obasanjo Writes Another Open Letter To Buhari [FULL TEXT]

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

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.

DISCLAIMER:Opinion articles are solely the responsibility of the author and does not necessarily reflect the views of the publishers of ABN TV

For publication of your news content, articles, videos or any other news worthy materials, please send to [email protected]

For Advert and other info, you can call 07013559600 or send a WhatsApp Message to 07013559600

Please drop your comments below

comments

Advertisement
Advertisement
Advertisement

Trending