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President Buhari signs PIB to law

Joseph Oyekanmi

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PIB: Group supports 3% allocation to host communities

President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.

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 on Monday, August 16, in his determination to fulfil 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 a 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 the same on July 16, thus ending a long wait since the early 2000s, and notching another high for the Buhari administration. (VON)

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