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Nigeria will be $1.5 billion richer with PSC Bill – NASS

Senate President Ahmad Lawan has declared the Federal Government would be $1.5billion richer next year following the passage of the Deep Offshore and Inland Basin Production Sharing Contract (PSC) (Amendment) Bill by the Senate.

The Senate also adjourned plenary for two weeks to enable Standing Committees to engage Ministries, Departments and Agencies for the defence of their annual budget proposals, as the document scales second reading.

Lawan allayed the fears of those in the oil business in Nigeria that the amended Bill would not discourage investment in the sector.

The sponsor of the Bill and Chairman Senate Committee on Petroleum (Upstream), Albert Bassey Akpan, listed the highlights of the amendment to include “provisions for payment of royalty which requires that all licences and leases holders in the deep offshore shall payment stipulated royalties irrespective of the water depth or terrain of their operation;

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