Just in: Buhari signs Petroleum Industry Bill into law

President Muhammadu Buhari has signed the Petroleum Industry Bill (PIB) 2021 into law.

A statement by the President’s Special Adviser on Media and Publicity, Femi Adesina, on Monday, confirmed this.

The President, currently working from home owing to five- day quarantine as required by the Presidential Steering Committee on COVID-19 after returning from London on Friday August 13, assented to the bill on Monday August 16.

It stated that the ceremonial part of the new legislation would be done on Wednesday after the days of mandatory isolation would have been fulfilled.

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, ending a long wait since early 2000s and notching another high for the Buhari administration.