President Muhammadu Buhari has signed the Petroleum Industry Bill, PIB, 2021 into law, despite the controversy generated over the recommendation of three percent for host communities from the initial five percent and 10 percent in the original bill
Special Adviser to the President on Media and Publicity, Chief Femi Adesina, disclosed the historic signing of the bill on Monday in a statement he issued in Abuja, to put to finally put to rest anticipation that greeted the bill initiated by the Olusegun Obasanjo's administration since early 2000s.
Buhari was said to have assented to the bill on his return from London after fullfilling the required quarantine five days working from home as recommended by the Presidential Steering Committee on COVID-19
According to the statement,“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 provides a 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, while the House of Representatives did the same on July 16, after reaching agreement on the percentage for host communities for the crude oil exploration
The signing of the bill, is expected to attract the much awaited private sector investment into the downstream sector of oil industry in the country
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