BUHARI SIGNS PETROLEUM INDUSTRY BILL INTO LAW
President Muhammadu Buhari has signed the Petroleum Industry Bill, a statement from his media aide has said. Femi Adesina, presidential spokesman said the President signed the bill working remotely in line with the five days’ quarantine as required by the presidential steering committee on COVID-19 after returning from London on August 13.
Adesina said the president assented to the bill on Monday in his determination to fulfil 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 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 the early 2000s.
On July 1, the senate and the House of Representatives passed the PIB, allocating 3% and 5% percent respectively to host communities.