President Muhammadu Buhari signed the Petroleum Industry Bill 2021 into law on Monday.
Working from home in five-day isolation as required by the Presidential Steering Committee on COVID-19 after returning from London on Friday, August 13, the President assented to the Bill this Monday, August 16, 2021, in his determination to fulfil his constitutional duty, according to presidential spokesman, Femi Adesina.
The ceremonial element of the new legislation will be completed on Wednesday when the President has finished the days of required isolation.
“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 the early 2000s, and notching another high for the Buhari administration”.
The new Petroleum Sector Act, 2021, establishes a legal, governance, regulatory, and fiscal framework for the Nigerian petroleum industry, as well as for the development of host communities and other relevant topics.
Recall that the Senate passed a bill on July 15, 2021, while the House of Representatives did the same on July 16, putting an end to a long wait that began in the early 2000s and marking another milestone for the Buhari government.
The recently approved PIB was highly criticized by stakeholders in Southern Nigeria, with the Pan-Niger Delta Forum and other groups in the South-South, South-West, and South-East calling its provisions “unjust, devilish, and provocative”.