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JUST IN: Buhari Signs Petroleum Industry Bill Into Law

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

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.

In a statement signed by the Special Adviser to the President on Media and Publicity, Femi Adesina, 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.

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Damilare Bankole

Managing Editor, Lagos Post Online. Damilare is a disciplined tech enthusiast and media entrepreneur with interest and unparalleled passion for model Web and app design technology. He is a firm believer in the meaningful role research and innovation can play in addressing economic issues across industries and sectors. He's passionate about online Journalism. Damilare is also a Photographer. M: +2348025837037 E: lagospostng@gmail.com

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