The Petroleum Industry Bill (PIB) 2021 was signed into law by President Muhammadu Buhari on Monday.
This was confirmed in a statement provided to DAILY POST by Femi Adesina, the President’s Special Adviser on Media and Publicity.
After the days of obligatory isolation have been completed, the ceremonial element of the new legislation will be completed on Wednesday.
After returning from London on Friday, August 13, Buhari is currently on a five-day COVID-19 quarantine, as mandated by the Presidential Steering Committee.
“The Petroleum Sector Act provides a legal, governance, regulatory, and budgetary framework for the Nigerian petroleum industry, the development of host communities, and related matters,” according to part of the statement.
“On July 15, 2021, the Senate passed the Bill, and the House of Representatives followed suit on July 16, putting an end to a long wait that began in the early 2000s and achieving yet another high for the Buhari administration.”
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