Politicians, Oil Companies, conspired to keep oil taxes to the barest minimum- Buhari

Bill will generate an estimated $500m in additional revenues


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Politicians, Oil Companies, conspired to keep oil taxes to the barest minimum- Buhari
President Buhari assenting to the Bill amending Deep Offshore (and Inland Basin Production Sharing Contract) Act, assisted by Chief of Staff Abba Kyari

President Muhammadu Buhari, this afternoon in London, accused politicians and oil companies of conspiracy for more than a quarter-century, to keep oil taxes to the barest minimum in Nigeria.

 

Fresh Angle International can report that the President who is in London on a ‘private visit’, made the accusation while assenting to the Bill amending the Deep Offshore (and Inland Basin Production Sharing Contract) Act.

 

The amended Bill will generate an estimated $500m in additional revenues for the Federal Government in 2020 and over $1bn from 2021.

 

President Buhari stated: “All attempts to amend the law on the distribution of income have failed. Until today. A combination of complicity by Nigerian politicians and feet-dragging by oil companies has, for more than a quarter-century, conspired to keep oil taxes to the barest minimum.

 

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.

 

You will recall that in my 2020 Budget Presentation Speech before the National Assembly in October, I highlighted the need to urgently review the fiscal terms for deep offshore oil fields, to reflect current realities and to ensure increased government revenues.

 

Now, a month later, we have together with the 9th National Assembly made history with the passage and the signing of the amended Bill into law. We will continue to work together to deliver on all our promises to ensure inclusive growth and enhance the welfare of all Nigerians.

 

Nigeria will now receive its fair, rightful and equitable share of income from our own natural resources for the first time since 2003.

 

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”.

 




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Victory Ejoh
Special Duties Correspondent of Fresh Angle International Newspaper. I am a graduate of Mass Communication from Nigeria Institute of Journalism,NIJ,Lagos.
Read other stories by Victory Ejoh
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