President Muhammadu Buhari has signed the Petroleum Industry Bill (PIB) 2021 into law.
The Special Adviser to the President on Media and Publicity, Femi Adesina, made this known in a statement on Monday titled, ‘President Buhari Signs Petroleum Industry Bill Into Law’.
The presidential spokesman said his principal signed the controversial bill into law while working from quarantine.
Adesina said, “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 fulfil 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 the same on July 16, thus ending a long wait since the early 2000s, and notching another high for the Buhari administration.”
Since its passage by the federal lawmakers, the bill has been fiercely kicked against by many Nigerians, most especially, stakeholders in southern Nigeria with the Pan-Niger Delta Forum, Southern Governors’ Forum and other groups in the South-South, South-West and South-East saying that the provisions of the bill are not only “unjust” but also “satanic and provocative”.