President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law. This information was made known by Femi Adesina,
Special Adviser to the President, Media and Publicity, in Abuja today, August 16, 2021 through a press statement.
The press statement said that, “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, accordingto Adesina.
He 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, 2021, while the House of Representatives did same on July 16, thus ending a long wait since early 2000s, and notching another high for the Buhari administration, the statement said.
