Just in: Buhari signs Petroleum Industry Bill into law
President Muhammadu Buhari has signed the much-awaited Petroleum Industry Bill (PIB) into law.
The PIB was signed into law on Monday by the President following his return from a trip to London, United Kingdom (UK).
Femi Adesina, Special Adviser to the President on Media and Publicity in a statement confirmed the development, saying the ceremonial part of the new legislation will be done on Wednesday.
Nigeria Security Digest reports with the signing of the PIB into law, the legislation is now known officially as the Petroleum Industry Act (PIA).
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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 statement reads: “President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.
“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”.
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