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.
Benefits of Petroleum Industry signed into law by Buhari
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, and notching another high for the Buhari administration.
President Muhammed Buhari made this know today Monday 16th of August 2021 through his social media handle, the statement reads below;
“Today at the State House I signed the Petroleum Industry Bill (PIB) into law. A long wait, taking up much of the last two decades, has now finally come to an end.
Congratulations to all! I commend the National Assembly, and all other stakeholders, within and outside the government, on the hard work that has gone into making this Act a reality. We will continue to work for the benefit of the Nigerian people.