Nigeria’s President, Muhammadu Buhari has signed the Petroleum Industry Bill (PIB) 2021 into law.
This was contained in a statement issued by the presidential spokesman, Femi Adesina.
According to the presidential spokesman, president assented to the bill on Monday in his determination to fulfill his constitutional duty.
The statement also disclosed that Buhari has been working from home since his arrival in respect to five days’ quarantine as required by the Presidential Steering Committee on COVID-19 after returning from London on August 13.
”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 had passed the bill on July 15, 2021, while the house of representatives did the same on July 16, thus ending a long wait since early 2000s.