President Muhammadu Buhari has signed the bill seeking to amend the deep offshore and inland basin production sharing contract (DOIBPSC) act into law. A bill that was sponsored and advocated for by Senator Dr Ifeanyi Ubah, the Senator Representing Anambra South Senatorial Zone, who is also a major player in the oil and gas industry in Nigeria. The bill seeks to amend the act by reviewing the sharing formula to accrue more benefits to the federal government. Nigeria is projected to earn an additional income of $1.4 billion annually from international oil companies operating in the country if the bill seeking to amend a particular section of the act is passed into law. Buhari signed the much anticipated law from his residence in the UK where he is on a private visit. Writing via his Twitter handle, he described the new law as “a landmark moment for Nigeria”. Although Nigeria signed the first set of PSCs in 1993, while the DOIBPSC was enacted in 1999, failure to review the PS