Buhari signs Petroleum Industry Bill into law

1361

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

In statement issued by presidential spokesman, Femi Adesina, the president assented to the bill on Monday.

According to the statement, President Buhari signed the bill into law while in quarantine, after his arrival from the United Kingdom.

“The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled,” the statement 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 and the House of Representatives passed the bill on July 15 and July 16 respectively.

The PIB had been in the works since the tenure of former President Olusegun Obasanjo, who led Nigeria between 1999 and 2007.

 




Leave a Reply

Your email address will not be published. Required fields are marked *