President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.
The Special Adviser to the president on media and publicity, Femi Adesina, disclosed this in a statement on Monday in Abuja.
TheFact Nigeria recalled that 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.
The need for the bill was first introduced by the former President Olusegun Obasanjo.
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.
According to the statement, “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.