President Muhammadu Buhari on Monday signed the Petroleum
Industry Bill 2021 into law.
This was confirmed in a statement signed by Femi Adesina,
Special Adviser on Media and Publicity to the President.
The ceremonial part of the new legislation will be done on
Wednesday after the days of mandatory isolation would have been fulfilled.
Buhari is presently on five days quarantine as required by
the Presidential Steering Committee on COVID-19 after returning from London on
Friday August 13.
Part of the statement read: “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 passed the Bill on July 15, 2021, while the
House of Representatives did the same on July 16, thus ending a long wait since
early 2000s, and notching another high for the Buhari administration.”
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