In what may ostensibly be seen as a reaction to the Supreme Court judgment of October 2018, which ordered the Federal Government of Nigeria (“FGN”) to carry out an upward review of its revenue share under relevant production sharing contracts ("PSCs"), the Federal Government of Nigeria ("FGN") has, on November 4, 2019, passed an amendment (the "Amended Act") to the Deep Offshore and Inland Basin (Production Sharing Contracts) Act, No. 9 of 1999 ("DIBPSA" or "Principal Act"). The Supreme Court had on October 17, 2018, delivered a consent judgment in the case between the Attorney-General of Rivers State & 2 Others vs Attorney-General of the Federation (suit no. SC964/2016) in which the FGN was mandated to increase its share of revenue under the PSCs whenever the price of crude oil exceeds US$20 per barrel in line with Section 16 (1) of the DIBPSA. The suit was instituted by the Rivers, Bayelsa and Akwa-Ibom State Governments (in the names of their respective Attorneys General) who had approached the Supreme Court for the interpretation of Section 16(1) of the DIBPSA.

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