President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law after about 20 years in the process.
A statement today, August 16 by the Special Adviser to the President on media and publicity, Femi Adesina said that the President signed the bill, 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.
“This is in his determination to fulfill his constitutional duty.”
Adesina said that 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.
The Presidential spokesman described the signing of the bill as another high plus for the Buhari administration.