National assembly passes oil production sharing contract bill into Law

The House of Representatives has concurred with the Senate by passing a bill amending the Offshore and Inland Basin Production Sharing Contract Act 2014.

In an accelerated process, the House considered the bill for second and third readings at the plenary on Tuesday. The Senate on October 15, 2019, unanimously passed the bill, when President of the Senate, Ahmad Lawan, said Nigeria would be at least $1.5bn richer in 2020 as a result of the amended bill. More to follow…Punch

Pix: Joint session of the national assembly