President Muhammadu Buhari has finally signed the Petroleum Industry Bill 2021 into law.
Disclosing this in a statement on Monday, the Special Adviser to the President on Media and Publicity, Femi Adesina, said the President assented to the Bill Monday, August 16, in his determination to fulfill his constitutional duty.
Recall that the Petroleum Industry Act which provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters was passed by the Senate on July 15, 2021, while the House of Representatives did the same on July 16.
The act by President Muhammadu Buhari has therefore “ended a long wait since early 2000s”, said the Special Adviser.
Adesina further noted that President Buhari is 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, and as such,the ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled.