President Buhari passes Petroleum Industry Bill into bill

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

Presidential spokesperson Femi Adesina revealed this in a statement issued on Monday, 16 August.

The passage of the PIB has proved to be a real nightmare for successive administrations since the need for the bill was first mooted by the former President Olusegun Obasanjo administration.

According to the statement, President Buhari signed the bill into law at the State House, Abuja.

“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.”

Adesina also noted that Buhari is working from home in line with the five days’ quarantine as required by the presidential steering committee on Covid-19 after returning from London on August 13.

Reacting to the new law, the Personal Assistant to the President on Digital and New Media, Bashir Ahmad has called the move a historic one.

A statement released by him reads: ”For the past 20 years, there have been various attempts at reforming the industry. However, none of these efforts has yielded any tangible result until the introduction of the Petroleum Industry Bill (PIB) 2020.

The National Assembly recently passed the Bill. The key objective of the PIB is to overhaul and transform the Nigerian oil gas industry, ensuring good governance and accountability, creation of a commercially oriented national petroleum company, and fostering a conducive business environment for petroleum operations.

  1. ”The objective is also to establish a progressive fiscal framework that encourages investment in the Nigerian petroleum industry, provides clarity, enhances revenues for the government while ensuring a fair return for investors.”
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