The Petroleum Industry Bill 2021 has been signed into law by President Muhammadu Buhari.
In a statement released on Monday by Femi Adesina , Special Adviser to the President (Media and Publicity), revealed this.
It stated that after returning from London on Friday, August 13, and working from home in a five-day quarantine as mandated by the Presidential Steering Committee on COVID-19, the President signed the Bill on Monday, August 16, in order to fulfill his constitutional responsibility.
The ceremonial element of the new legislation will be completed on Wednesday, once the necessary isolation days have been completed, according to the announcement.
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, putting an end to a long wait that began in the early 2000s and giving the Buhari government another victory.