BREAKING: Buhari signs PIB 2021 into law

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

This was contained in a statement by his Special Adviser on Media and Publicity, Femi Adesina, on Monday.

Working from home owing to a five- day 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, ending a long wait since early 2000s and notching another high for the Buhari administration.