A chieftain of the ruling All Progressives Congress (APC) Bola Tinubu has hailed President Muhammadu Buhari for signing the Deep Offshore Act in London, the United Kingdom.
Naijaparry had reported that Buhari’s Chief of Staff, Abba Kyari went to London to present the bill to Buhari for assent.
Although Kyari’s action sparked outrage from Nigerians , Tinubu has said the move is part of efforts to revive the country’s ailing economy.
“With the action by the National Assembly to improve the outdated Deep Offshore Act through legislative amendment, Nigeria has turned an important corner,” the statement read.
“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.”
According to him, “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.
“The amendments demonstrate the important progress to be made when the National Assembly and the Presidency work in harmony for the collective good. Efforts by past governments to amend the law got bogged in failure due to the intervention of special interests.
“This time, finally, the national interests were considered weightier than the special interests of a few. President Buhari and the National Assembly leadership should be commended for this singular achievement.
“Chief of Staff Kyari titled his commentary “Toward a New Deal for Nigeria.” This is appropriate and more than symbolic.
“The title recalls a challenging time in the history of the United States. That nation was in the throes of economic contraction.
“The people would vote to remove the austere, insensitive party that had governed the nation for over a decade simply by catering to the wealthy.
“The people voted for a compassionate, progressive government headed by a committed principled leader to steer the nation out of danger. No two historical situations are identical. But, there are important similarities between our circumstance and the challenges America faced during that period.
“Faced with steep economic challenges, the administration of Franklin Roosevelt dedicated itself to reforming the economy in order to bring prosperity to a hurt and struggling population.
“In so doing, he would reform, at times reinvent, the nation’s economic institutions and laws. This would change the relationship between the average citizen and the American government for the better. This was the essence of the New Deal.”