President Muhammadu Buhari has signed the Petroleum Industry Bill into law. The PIB contains 5 chapters, including, administration, petroleum industry fiscal framework and miscellaneous provisions in 319 clauses and 8 schedules. The Petroleum Industry Act provides a legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters. Femi Adesina, Buhari’s presidential spokesman who revealed the above in a statement, said Mr President assented to the bill on Monday in his determination to fulfil his constitutional duty.
Adesina noted that President Buhari is working from home in line with the five days’ quarantine as required by the presidential steering committee on COVID-19 after returning from London on August 13.
”The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled,” the statement reads.
Recall that the Senate had passed the Bill on July 15, while the House of Representatives did the same on July 16.
