BREAKING: Buhari signs Petroleum Industry Bill into law

President Muhammadu Buhari has Monday, August 16, signed the Nigerian Petroleum Industry Bill (PIB) 2021 into law.

This is according to a statement issued Monday afternoon by the president’s Special Adviser on Media and Publicity, Femi Adesina.

“Working from home in five days quarantine as required by the Presidential Steering Committee on COVID-19 after returning from London on Friday August 13, the President assented to the Bill Monday August 16, in his determination to fulfil his constitutional duty.

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“The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled,” Adesina’s statement disclosed.

The Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.

The Senate had passed the Bill on July 15, 2021, while the House of Representatives did same on July 16, thus ending a long wait since early 2000s, for the legal framework for the petroleum industry.