July 16, 2024


Etim Effiong

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

This was contained in a statement made by the Special Adviser to the President Mr Femi Adesina on Monday.

According to the statement, while 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 on Monday, August 16, in his determination to fulfil his constitutional duty.

The ceremonial part of the new legislation will be performed on Wednesday, after the days of mandatory isolation would have been over.

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.

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