President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.
The President’s Special Adviser (Media and Publicity), Mr. Femi Adesina, disclosed this in a statement on Monday.
According to the statement, President Buhari signed the bill into law while in quarantine, after his arrival from the United Kingdomon on Friday, 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 said.
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 National Assembly had passed the bill in July, thus ending a long wait since the early 2000s.