Nigeria’s former Finance Minister, Dr Ngozi Okonji-Iweala has emerged the new Director General of the World Trade Organisation.According to sources from the European Union, she…
Bola Tinubu, National Leader of the All Progressives Congress, APC, has commended President Muhammadu Buhari for signing the Deep Offshore Act in London.
Tinubu also commended the president’s Chief of Staff, Abba Kyari for traveling to London to present the bill to Buhari for assent.
However, Tinubu said the signing of the bill was a pointer to the fact that Buhari was determined to reform the country’s economy.
A statement he signed titled “The Coming Prosperity,” reads: “WITH the action by the National Assembly to improve the outdated Deep Offshore Act through legislative amendment, Nigeria has turned an important corner. As stated in his insightful, forward-looking commentary published in ThisDay…Presidential Chief of Staff Abba Kyari rightfully asserted the financial provisions of the old law had outlived their stated purpose. Continuation with this outmoded financial regime enriched the oil companies while depriving Nigeria of a fair bargain
Billions of dollars that should have landed in our national coffers to fund public infrastructure and essential social services instead found residence in the balance sheets of the oil firms.
“This was no attempt to deprive the oil majors. We want the firms to make a just profit for their efforts; however, they have been receiving a surplus at the expense of our minimal developmental needs. This is not as things should be.
- “The companies are Nigeria’s long-term business partners and we have no interest in denigrating them; all we seek is a fair, equitable relationship. The new amendments provide this.