The President of the Federal Republic of Nigeria, Muhammadu Buhari has signed the 2021 Petroleum Industry Bill (PIB) into law.
The President who is still in isolation after his trip to London, approved the bill on Monday.
The PIB which was passed by the Senate on July 15, after thirteen years, was also passed by the House of Representatives on July 16, 2021; before reaching the President for final approval.
The President’s approval was disclosed by the Special Adviser to the President on Media and Publicity, Femi Adesina.
“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, 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 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.