President Muhammadu Buhari signed the Petroleum Industry Bill (PIB) 2021 into law on August 16, 2021, according to a statement by the Special Adviser on Media and Publicity, Femi Adesina.
The President, who recently returned from a vacation to the United Kingdom, is currently working from home due to a five-day quarantine required by the Presidential Steering Committee on COVID-19 after returning from London on Friday, August 13.
After the days of obligatory isolation have been completed, the ceremonial event of the new legislation will be held on Wednesday. The Petroleum Sector Act establishes a legal, governance, regulatory, and fiscal framework for the Nigerian petroleum industry, as well as the development of host communities.
The bill was enacted by the Senate on July 15, 2021, and the House of Representatives on July 16, 2021, completing a protracted wait that began in the early 2000s and marking yet another high point for the current administration.
%202021%20into%20law%20on%20August%2016,%202021,%20according%20to%20a%20statement%20by%20the%20Special%20Adviser%20on%20Media%20and%20Publicity,%20Femi%20Adesina.img%20class=size-medium%20wp-image-4446%20aligncenter%20src=https://ibekachikwu.com/wp-content/uploads/2021/08/bba0fb4e-701b-489c-8560-169e55b559a1-300x287.jpg%20alt=%20width=300%20height=287%20/The%20President,%20who%20recently%20returned%20from%20a%20vacation%20to%20the%20United%20Kingdom,%20is%20currently%20working%20from%20home%20due%20to%20a%20five-day%20quarantine%20required%20by%20the%20Presidential%20Steering%20Committee%20on%20COVID-19%20after%20returning%20from%20London%20on%20Friday,%20August%2013.After%20the%20days%20of%20obligatory%20isolation%20have%20been%20completed,%20the%20ceremonial%20event%20of%20the%20new%20legislation%20will%20be%20held%20on%20Wednesday.%20The%20Petroleum%20Sector%20Act%20establishes%20a%20legal,%20governance,%20regulatory,%20and%20fiscal%20framework%20for%20the%20Nigerian%20petroleum%20industry,%20as%20well%20as%20the%20development%20of%20host%20communities.The%20bill%20was%20enacted%20by%20the%20Senate%20on%20July%2015,%202021,%20and%20the%20House%20of%20Representatives%20on%20July%2016,%202021,%20completing%20a%20protracted%20wait%20that%20began%20in%20the%20early%202000s%20and%20marking%20yet%20another%20high%20point%20for%20the%20current%20administration.){kind=link}