Senate President Ahmed Lawan has said Nigeria stands to gain $1.5 billion in 2020 following passage of the Deep Offshore and Inland Basin Production Sharing Contract (Amendment) Bill, 2019.
TheNewsGuru (TNG) reports Senator Lawan congratulated the Senate for the passage of the bill, stressing that the amendment would not in any way discourage IOCs and investment, expecting that they will continue to do business in Nigeria.
Senate President Lawan read a letter from President Muhammadu Buhari for the consideration and passage of the Deep Offshore and Inland Basin Production Sharing Contract (Amendment) Bill, 2019.
The report of the Committee on Petroleum (Upstream) on the Deep Offshore and Inland Basin Production Sharing Contract CAP D3 LFN 2004 Act (Amendment) Bill, 2019 (SB. 21) was presented by Senator Akpan Bassey.
Senator Tolu Odebiyi seconded that the Senate do receive and consider the report of the Committee on Petroleum (Upstream) on the Deep Offshore and Inland Basin Production Sharing Contract CAP D3 LFN 2004 Act (Amendment) Bill, 2019 (SB. 21).
Senate then dissolved into the Committee of the Whole for the clause by clause consideration of the Deep Offshore and Inland Basin Production Sharing Contract CAP D3 LFN 2004 Act (Amendment) Bill, 2019 (SB. 21).
Senate then reverted to plenary and read the Deep Offshore and Inland Basin Production Sharing Contract CAP D3 LFN 2004 Act (Amendment) Bill, 2019 (SB. 21) the third time before it was passed.
“Let me congratulate my Distinguished colleagues, we have done what has not been done since 2003 till date. This means we can do more for our country. By passing this Bill, Nigeria will gain $1.5billion in 2020.”- Senate President, Ahmad Lawan PhD, CON.
“The credit goes to Distinguished Senators who contributed before we passed any clause of the Bill. The amendment would not in any way discourage the IOCs and investment as we expect that they will continue to do business in Nigeria. I congratulate the 9th Senate for this very landmark legislation,” Lawan said after passage of the bill.