President Muhammadu Buhari on Monday signed the Petroleum Industry Bill 2021 into law.
This was confirmed in a statement signed by Femi Adesina, Special Adviser on Media and Publicity to the President.
The ceremonial part of the new legislation will be done on Wednesday after the days of mandatory isolation would have been fulfilled.
Buhari is presently on five days quarantine as required by the Presidential Steering Committee on COVID-19 after returning from London on Friday August 13.
Part of the statement read: “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 passed the Bill on July 15, 2021, while the House of Representatives did the same on July 16, thus ending a long wait since early 2000s, and notching another high for the Buhari administration.”
The recently assented PIB had been heavily criticised by stakeholders in Southern Nigeria with the Pan-Niger Delta Forum and other groups in the South-South, South-West and South-East describing its provisions as “unjust, satanic and provocative”.
The bill, which, has now been passed into law by the President, will regulate the oil sector.