Buhari signs Petroleum Industry Bill into law
Written by freshadmin3 on August 16, 2021
The President, Major General Muhammadu Buhari (retd.), has signed the Petroleum Industry Bill 2021 into law.
This was revealed in a statement released on Monday August 16 2021 titled ‘President Buhari Signs Petroleum Industry Bill Into Law’ by the Special Adviser to the President on Media and Publicity, Femi Adesina.
The presidential spokesman said President Buhari 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 fulfill 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 same on July 16, thus ending a long wait since early 2000s, and notching another high for the Buhari administration.”
The recently assented Petroleum Industry Bill has 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.
Currently, crude oil is obtained from eight states in the Niger Delta region which include: Abia, Akwa Ibom, Bayelsa, Delta, Edo, Imo, Ondo and Rivers States.