President Muhammadu Buhari has signed the Petroleum Industry Bill (PIB) 2021 into law.
Working from home in five days quarantine as required by the Presidential Steering Committee on COVID-19 after returning from London last Friday, the President assented to the bill today 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.
According to a statement issued by Femi Adesina, the Special Adviser to the President on Media and Publicity 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.
It could be recalled that 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.