President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law. The President assented to the Bill on Monday. He is still on a five days quarantine as required by the presidential steering committee on Covid-19 after over two weeks of medical trip.
A formal ceremony on the new legislation will be done on Wednesday after the five days of isolation are over. Femi Adesina, the President’s Special Adviser on Media and Publicity released the statement.
“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, and notching another high for the Buhari administration,” the statement concluded.©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.