Nigeria's President Muhammadu Buhari on Monday signed a measure to change the country's agreements with multinational oil companies to significantly increase the share of offshore oil revenue it takes.
"This afternoon I assented to the bill amending the Deep Offshore (and Inland Basin Production Sharing Contract) Act," Buhari said in a statement on Twitter.
"Nigeria will now receive its fair, rightful and equitable share of income from our own natural resources for the first time since 2003," he added.