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Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts - Politics - Nairaland

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Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by JosEast(m): 8:50am On Jan 13
Senate President Ahmad Lawan has said that amendment to the Deep Offshore and Inland Basin Production Sharing Contracts Act has increased remittances from the sharing contracts into the federation account from $260 million to $2billion annually.

He also vowed that “demons” frustrating the passage of Petroleum Industry Bill (PIB) within the last fourteen years will be defeated this year by the 9th National Assembly.

Lawan stated this on Tuesday while speaking with journalists on his 62nd birthday celebration in Abuja.

He said the patriotic zeal used by the National Assembly in October 2019 to pass an amendment to the Deep Offshore and Inland Basin Production Sharing Contracts Act would be deployed for expeditious consideration and passage of the PIB already before it, latest by the end of first quarter of this year.

“PIB is like a demon. People both within and outside the country are ready to work against it as they have been doing for the past fourteen years but the 9th Senate and by extension, 9th National Assembly will defeat the demon with the current bill before both Chambers.

“The patriotic zeal, sheer determination and unity of purpose by all serving senators across party lines to do this latest by the end of first quarter of this year will be deployed on the bill immediately the Senate resumes on 26th of this month the way it did with Deep Offshore Oil Production Sharing Contracts,” he said.

He said Nigeria had been losing billions of Naira before the Act was amended in 2019.

“Where we were supposed to be given $2 billion every year in the last 20 years, they were giving us $260 million. But from last year, after the amendment, it is $2 billion annually,” he said.

“Those against the move in 2019 even threatened to leave the country, but the 9th National Assembly stood its ground in getting the Act amended with passage of the bill which was assented to by President Muhamnadu Buhari on a Sunday in London,” he added.

He, however, assured the various International Oil Companies (IOCs) working in Nigeria that the PIB, to be passed this year, will not run them out of business.

He said the main purpose of PIB, when passed, was to make the oil sector investment-friendly for both local and foreign investors with attendant economic gains for the country.

He also said with massive injection of public funds into the economy, Nigeria will soon get out of recession.

“The recession, we have been told by experts, will come to an end at the end of first quarter of this year.

“We have extended the implementation period of the capital budget allocation to 31st March, and that we run simultaneously with the implementation of the 2021 budget in the first quarter. So there will be massive injection of public fund into the economy, and that will bring the recession to an end,” Lawan said.

https://dailytrust.com/nigeria-now-earns-2bn-annually-from-deep-offshore-production-sharing-contracts-lawan

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Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by otosa(m): 9:10am On Jan 13
I don't think is really worth to celebrate because that money is not enough for them to share among themselves.

18 Likes

Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by EagleNest(m): 9:12am On Jan 13
Does it matter again since we know how the money will end. grin

17 Likes

Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by CodeTemplar: 9:20am On Jan 13
That's over a billion being lost per annum for many "annums".

2 Likes

Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by EyezofGod120: 11:14am On Jan 13
angry na only big money we dey hear we never see anything

13 Likes

Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by slawormiir: 11:14am On Jan 13
Damnnn niggarrrr
Isoright

1 Like 1 Share

Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by Gmopol: 11:15am On Jan 13
It's good jhor
Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by Hongkog: 11:15am On Jan 13
slawormiir:
Damnnn niggarrrr
Isoright
embarassed
Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by Pickieox(m): 11:15am On Jan 13
If you know the amount of money these looters are codedly embezzling...I mean money not reported by the yeye media we get for this shithole, you go lynch any of those looters including their family members join...

cry cry cry


Join us at Christ Love International Theatre aka CLIT EMPIRE

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1 Like

Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by Enudapan: 11:15am On Jan 13
Nah eh! No qualms
Even if Nigeria earns heaven and Earth
At the end of the day
We will still borrow

It's just in our blood
Right from the days of Gej
Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by Hushpuppies: 11:15am On Jan 13
............. And you're still borrowing from China?

5 Likes

Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by ODJ124(m): 11:15am On Jan 13
Huge money..



Thread seen.
Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by sammysmiles(m): 11:16am On Jan 13
OP,,, it should be politicians earn $2 annually from deep offshore ...
So correct the headline...

4 Likes

Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by updatechange(m): 11:16am On Jan 13
IG don show this guy pepper grin grin grin cheesy

Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by Commonguy: 11:16am On Jan 13
eh no problem
let's see how it goes
Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by BIZNess123(m): 11:16am On Jan 13
Check MA signature....


its very cheap..
Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by 123Map(m): 11:17am On Jan 13
As if he no follow for the demon's association


Polithiefians undecided
Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by rawtouch: 11:17am On Jan 13
so no need to borrow again abi
Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by MANNABBQGRILLS: 11:17am On Jan 13
God bless our darling Daddy President Muhammadu Buhari and his amiable Vice president Prof Yemi Osinbajo as they make this once battered , raped and looted nation work again.

Nigeria will be great in our lifetime.

God bless Nigeria.


https://www.youtube.com/watch?v=fxN7G8VtjEQ

1 Like 2 Shares

Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by Nat2008(m): 11:17am On Jan 13
Hushpuppies:
............. And you're still borrowing from China?

Tell them
Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by Omezif(m): 11:17am On Jan 13
$2bn excluding the looted ones.
Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by CoolDesign183: 11:17am On Jan 13
Hmmm
Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by DropsMic(m): 11:17am On Jan 13
Where the money dey
Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by Shormiey(m): 11:17am On Jan 13
EagleNest:
Does it matter again since we know how the money will end. grin
Gbam grin
Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by Nat2008(m): 11:18am On Jan 13
MANNABBQGRILLS:
God bless our darling Daddy

I don't understand
Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by kambili999(f): 11:18am On Jan 13
Yet buhari's government will still borrow.
Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by Starships4u(m): 11:18am On Jan 13
And how much goes into infrastructure and human capital
Re: Nigeria Now Earns $2bn Annually From Deep Offshore Production Sharing Contracts by ClearFlair: 11:18am On Jan 13
Where is the impact of the money on the citizenry?


MANNABBQGRILLS:
God bless our darling Daddy President Muhammadu Buhari


Kids, you can be anything you want to be, but never ever become this.

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