BREAKING: President Buhari signs PIB 2021 into law

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President Muhammadu Buhari, on Monday, August 16, 2021, signed the Petroleum Industry Bill (PIB) 2021 into law.

Femi Adesina, the Presidential Special Adviser on Media and Publicity, Femi Adesina, in a statement, said the President assented to the Bill from home, where he is observing a five-day quarantine as required by the Presidential Steering Committee on COVID-19 after returning from London on Friday, August 13.

Adesina said the signing of the Bill into law was a demonstration of Buhari’s determination to fulfil 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 was passed by the Senate on July 15, 2021, while the House of Representatives did the same on July 16, ending decades wait since the early 2000s.

The PIB is expected to provide legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.

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