Forwards deep offshore and inland basin PSC bill to Senate
President Muhammadu Buhari on Tuesday sought the approval of the Senate for N10.069billion promissory note for Kogi state.
He also forwarded to the upper chamber for consideration and passage the Deep Offshore and Inland Basin Production Sharing Contracts (PSC) Amendment Bill 2019.
President Buhari had in a letter to the Senate, read at plenary by the Senate President, Dr. Ahmad Lawan stated that the promissory note approval was required to offset bills incurred by the Kogi state on projects executed on behalf of the federal government.
Lawan, thereafter, referred the President’s request to the Senate committee on local and foreign debts and is expected to report back at plenary in two weeks.
In the other letter also read at plenary, President Buhari emphasized that the Deep Offshore and Inland Basin PSC Bill sought to reflect the current realities in the oil and gas sector as well as secure increased revenue for the federal government to fund projected expenditure in the 2020 and subsequent budgets.
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