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From his London private visit base, Buhari assents amended PSC bill into law

Upon mixed feelings generally presented by leading players in the nation’s oil and gas industry, President Muhammadu Buhari, from his London private visit announced his assent to the amended oil and gas Production Sharing Contract (PSC) bill into on Monday.

However, some industry experts say the new law will among other things, unlock the sector and usher in deep pocket oil and gas investors who had been waiting for a clearer legal direction within the period of the bill’s journey at the National Assembly.

Besides, huge number sector experts say the new law will face a lot of challenges in so far the lead legislation, the Petroleum Industry Bill (PIB) had remained an endless work in progress at the same National Assembly.

In his verified Tweeter handle, President Buhari, in a photograph with his Chief of Staff, Mr Abba Kyari, was seen singing a document.

Though it was clear if President Buhari had been travelling with the Bill having spent three days in Suadi Arabia before heading to his London visit or the documents was flown direct to London by his Chief of Staff.

Hereunder are screenshots of the tweet.

Buhari PSC Screenshot 1
Buhari’s tweet unveiling the signing into law of PSC bill on Monday, Nov. 4, 2019
Buhari PSC Screenshot 2
Screenshot of Presidednt Muhammadu Buhari signing the PSC bill into law from his London Private Visit base on Monday, Nov. 4, 2019