JUST IN: President Buhari Signs Petroleum Bill Into Law

Nigeria’s President Muhammadu Buhari has assented the Petroleum Industry Bill (PIB).

The president signed the PIB bill into law after it was recently passed by the National Assembly.

This was confirmed in a statement on Monday by his spokesperson, Femi Adesina.

The official statement read:

PRESIDENT BUHARI SIGNS PETROLEUM INDUSTRY
BILL INTO LAW

President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.

Working from home in five days quarantine as required by the Presidential Steering Committee on COVID-19 after returning from London on Friday August 13, the President assented to the Bill Monday August 16, in his determination to fulfill
his constitutional duty.

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.

Femi Adesina
Special Adviser to the President
(Media and Publicity)
August 16, 2021