Buhari Signs Petroleum Industry Bill (PIB) Into Law

Buhari Signs Petroleum Industry Bill (PIB) Into Law

Nigerian President, Muhammadu Buhari has on Monday August 16th, 2021 signed the Petroleum Industry Bill (PIB) into law.

This bill has been on the floor in the National Assembly for years, but today Buhari gave his assent to it, which will make the oil sector more attractive.

Recall that this bill was passed by the Senate on July 15th, 2021, while the House of Representatives did same on July 16th, 2021.

President Muhammadu Buhari, after returning from London on Friday August 13th, 2021 was given a five days working from home quarantine as required by the Presidential Steering Committee on COVID-19, after which he decided to give his assent to the long-awaited bill in 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 implementation of the Petroleum Industry Act will not only provide legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, but will also improve the standard of living of the host community.

Leaders from the National Assembly have commended the president for given assent to the bill.

The Buhari Media Organisation (BMO) has also hailed the president for being a jinx breaker.

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