EconomyNews

Buhari signs Petroleum Industry Bill into law

The Petroleum Industry Bill 2021 was signed into law by the President, Major General Muhammadu Buhari (retd.).


President Buhari’s Special Adviser on Media and Publicity, Femi Adesina, announced this in a statement headed “President Buhari Signs Petroleum Industry Bill into Law” on Monday.


“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 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.” Adesina said.


Stakeholders in Southern Nigeria have slammed the recently enacted PIB, with the Pan-Niger Delta Forum and other groups in the South-South, South-West, and South-East calling its provisions “unjust, devilish, and provocative.”
The bill, which the President has officially signed into law, will control the oil industry.

By Tayo Olusanya

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