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President Buhari Signed Petroleum Industry Bill 2021 Into Law

President Buhari Signed Petroleum
President Buhari Signed Petroleum

President Buhari Signed Petroleum Industry Bill 2021 Into Law

President Muhammadu Buhari has signed the Petroleum Industry Bill (PIB) 2021 into law.

This was revealed in a statement by his Special Adviser on Media and Publicity, Femi Adesina, on Monday August 20.

The ceremonial part of the new legislation will be done on Wednesday August 22 after President Buhari must have fulfilled the days of mandatory isolation.

The statement read;

 

 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 which provides a legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters, ignited controversy following the allocation of three per cent revenue to host communities in the Niger Delta, while a fund for the exploration of oil in frontier basins, mostly in northern states, received 30 per cent.

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