President Muhammadu Buhari has signed the bill seeking to amend the deep offshore and inland basin production sharing contract (DOIBPSC) act into law.
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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. (The Cable)
