According to reports reaching Oyogist.com, President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.
This was announced via a statement signed by presidential spokesperson,Femi Adesina.
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.
The Senate had passed the bill on July 15 and the House of Representatives followed suit on July 16, thus ending a long wait since the early 2000s.
