President Muhammadu Buhari has signed the Petroleum Industry Bill (PIB) 2021 signed into law. The President signed the Bill on Monday, August 16, in order to fulfill his constitutional obligation.
After returning from London on Friday, August 13, and working from home in a five-day quarantine as mandated by the Presidential Steering Committee on COVID-19, the President signed the Bill on Monday, August 16, in order to fulfill his constitutional obligation.
After the required seclusion days have been completed, the ceremonial component of the new legislation will be completed on Wednesday.
The Petroleum Sector Act establishes a legal, governance, regulatory, and budgetary framework for the Nigerian petroleum industry, host community development, and other associated concerns.
The bill was enacted by the Senate on July 15, 2021, and the House of Representatives on July 16, 2021, putting an end to a protracted wait that began in the early 2000s and giving the Buhari government another victory.