President Muhammadu Buhari on Monday signed the Petroleum Industry Bill (PIB) 2021 into law.
NatureNews reports that the PIB has been in the works since 2008. It was eventually passed by the National Assembly in July, 2021.
A statement by Femi Adesina, the Special Adviser to the President on Media and Publicity on Monday said the president is in a five days quarantine as required by the Presidential Steering Committee on COVID-19 after returning from London on Aug. 13.
He said the president assented to the Bill on Monday Aug. 16, in his determination to fulfill his constitutional duty.
According to Adesina, 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 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.