President Buhari finally signs PIB into law

By YANGE IKYAA

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

Working from home in compliance with a five-day quarantine as required by the presidential steering committee on Covid-19 after returning from London on Friday, the president assented to the bill today, August 16.

Femi Adesina, who is Buhari’s
special adviser on media and publicity, said the president’s action was informed by “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 for the president would have been fulfilled.

The Petroleum Industry Act now provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, as well as for the development of host communities and related matters.

The Nigerian Senate had passed the bill on July 15, 2021, while the House of Representatives did same the next day on July 16.

This legislative exercise has brought to an end a long wait since the early 2000s, and may become one of the most significant achievements of the Buhari administration.