Buhari signs PIB bill into law

Buhari signs PIB bill into law

 

 

 

 

 

 

Raphael Akinwunmi

 

 

 

 

SaharaWeeklyNG Reports That President Muhammadu Buhari has signed the Petroleum Industry Bill (PIB) 2021 into law, on Monday.

 

 

 

 

 

 

 

 

The bill was disclosed in a statement on media and publicity by the President’s special adviser, Femi Adesina, on the 16th of August 2021.

 

Working from home owing to a five-day 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 a 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, ending a long wait since the early 2000s and notching another high for the Buhari administration.