BREAKING: Buhari Signs Petroleum Industry Bill Into Law

President Buhari Signs Petroleum Industry Bill Into Law.

Onyxnewsng reports that President Buhari has signed the Petroleum Industry Bill (PIB) 2021 into law.

In the statement issued by Femi Adesina, presidential spokesman, Buhari assented to the bill on Monday in his determination to fulfill his constitutional duty.

The BIP had been in the works since the tenure of former President Olusegun Obasanjo, who led Nigeria between 1999 and 2007.

In 2018, after the national assembly passed a harmonised version of the bill — the petroleum industry governance bill (PIGB), President Muhammadu Buhari refused assent due to “legal and constitutional reasons”.

The PIB contains 5 chapters, including governance and institutions, administration, host communities development, petroleum industry fiscal framework and miscellaneous provisions in 319 clauses and 8 schedules

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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 United Kingdom on August 13.