Presidential assent to deep offshore amendment bill

Nigeria’s 11 years delay in amending the controversial Deep Offshore and Inland Basin Production Sharing Contract Act (DOIBPSC) which made the country to lose about $62 billion has made Nigerians to almost lose hope in it.  But if there’s life, hope must continue to exist.

Though, the law should have been reviewed by the Yar’adua administration in 2008, the Nigerian authorities did not pay much attention to it and allowed the oil companies to be going away with 80 per cent of the deep offshore oil while Nigeria is left with only 20 per cent.

Who do we blame for this negligence? It’s such a contradiction that the authorities failed to save the sum of about $62 billion in the last 11 years from the oil companies. Even with the incumbent president as the minister of petroleum resources.

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It came as a surprise how the ninth National Assembly, codenamed as ‘Rubber Stamp’ amended the PSC Act within 21 days despite the cumbersome procedures involved. This has generated a lot of imbroglio as to whether it’s a direct coup to oil companies and might lead to their relocation to other countries. But where, when and how can a lawful business and amendment of an act that will accrue more revenue to Nigeria become a coup against the oil companies?

This is a great achievement to Nigeria and Nigerians as we will be getting a reasonable and equitable share of the deep offshore oil from the oil companies. Though the president failed to review the term as and when due, Nigerians still appreciates his courage and determination in fighting for national interest.

The office of the Attorney General and Minister of Justice, Abubakar Malami (SAN) should strive to recover the $62 billion from the international oil companies as revenue arrears to Nigeria. The recovered revenue should be used judiciously to ensure that Nigerians benefit from the said money at the grassroots level.

Rabiu Musa,

Kano

Nigerian Tribune