At long last, President Muhammadu Buhari has signed the Petroleum Industry Bill (PIB) 2021 into law. Presidential aide, Femi Adesina confirmed this in a statement today, Monday, 16th August 2021.
According to Adesina, President Buhari signed the bill to show “his determination to fulfil his constitutional duty.”
President Buhari is currently working from home as part of the five days quarantine required by the Presidential Steering Committee on COVID-19 after returning from London last week Friday
After the isolation, the ceremonies that are part of the new legislation are expected to be done on Wednesday, August 18th.
The PIB Act “provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.”
The Senate passed the Bill on July 15, 2021, while the House of Representatives did same on July 16.
But this did not come easy as one of the most contentious issues in the bill was the allocation of 3% of the operating expenditure of oil companies to host communities.
The Minority Caucus of the House of Representatives had earlier walked out in protest before the passage of the bill by majorly reps of the ruling All Progressives Party.
President Buhari’s signature ends a long end and wait for the actualization of the bill since the early 2000s.
