President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.
This is according to a statement signed by presidential spokesperson Femi Adesina.
According to the statement, President Buhari signed the bill into law while in quarantine, after his arrival from the United Kingdom.
“The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled,” the statement 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 had passed the bill on July 15 and the House of Representatives followed suit on July 16, thus ending a long wait since the early 2000s.
The PIB contains 5 chapters, including governance and institutions, administration, host communities development, petroleum industry fiscal framework and miscellaneous provisions in 319 clauses and 8 schedules.
Adesina also noted that Buhari is working from home in line with the five days’ quarantine as required by the presidential steering committee on COVID-19 after returning from London on August 13.
”The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled,” the statement reads.
