Wed. Aug 17th, 2022

Just in: Buhari signs PIB 2021 Bill into law

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Victoria Ogunrinde

President Muhammadu Buhari, had signed the Petroleum Industry Bill, PIB, 2021 into law.

The Special Adviser to the President on Media and Publicity, Chief Femi Adesina, disclosed this in a statement he issued in Abuja on Monday.

Read Also: Photo News: Buhari signs PIB 2021 into Law

According to the statement, “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 a legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.

Read Also: BREAKING: Reps pass PIB without minority caucus, approve 3% for host community

Recall that the Senate had passed the Bill on July 15, while the House of Representatives did the same on July 16,.

The National Assembly’s signing ended a long wait since early 2000s.

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