BREAKING: Buhari signs Petroleum Industry Bill into law

Chinenye Ogbonna August 16, 2021

1 Less than a minute

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 President completes his days of mandatory isolation following his London trip.

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.”