The President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.
This is contained in a statement signed by presidential spokesperson Femi Adesina, that the President signed the bill into law while in quarantine, after his arrival from the United Kingdom.
“The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled,” the statement said.
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 PIB contains 5 chapters, including governance and institutions, administration, host communities development, petroleum industry fiscal framework and miscellaneous provisions in 319 clauses and 8 schedules.
Adesina also noted that Buhari is working from home in line with the five days’ quarantine as required by the presidential steering committee on COVID-19 after returning from London on August 13.
”The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled,” the statement reads.
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 the same on July 16, thus ending a long wait since early 2000s.
On July 1, the senate and the house of representatives had recommended 3% and 5% percent respectively to host communities.
