The Chief of Staff to the President, Abba Kyari, on Monday took a bill to President Muhammadu Buhari, who is in London on a private visit, for signing.
The bill amended the Deep Offshore (and Inland Basin Production Sharing Contract) Act.
The President on Twitter described the signing as a landmark moment for Nigeria.
In a photo which was posted on social media, Kyari, who was wearing a suit, was seen presenting the bill to the President who was sitting down.
Deep Offshore (and Inland Basin Production Sharing Contract) Act was recently passed into law by the National Assembly. President Buhari in his tweet appreciated the lawmakers for their cooperation in making the ‘long overdue’ amendment possible.
He added that during his 2020 Budget Presentation Speech before the National Assembly in October he had earlier highlighted the need to urgently review the fiscal terms for deep offshore oil fields, to reflect current realities and to ensure increased government revenues.