President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.
This was made known through a release signed by his Special Adviser(Media and Publicity), Mr. Femi Adesina in Abuja.
Mr. Adesina said that despite the President’s quarantine, the president showed his determination to fulfill his promise to Nigerian by signing the PIB into law.
He also noted the, 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.