President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.
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.
Making this known in a statement, the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, said the signing of the bill was as a result of the president’s 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, Adesina said.
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 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.
The signing of the bill is said to be “notching another high for the Buhari administration.”
