On Monday, the 16th of July, President Buhari signed the Petroleum Industry Bill (PIB), 2021, into law.
This development was made known in a statement issued in Abuja by the Special Adviser to the President on Media and Publicity, Chief Femi Adesina.
The signing took place after the bill was passed by the Senate on the 15th of July. On like note, the Bill was also passed by the House of Representatives on July 16th.
According to the statement, “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 fulfill his constitutional duty.
“The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled.”
The Petroleum Industry Act provides a legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.