President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.
This is according to a statement signed by presidential spokesperson Femi Adesina.
According to the statement, President Buhari signed the bill into law while in quarantine, after his arrival from the United Kingdom.
“The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled,” the statement said.
The Petroleum Industry Act provides 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 and the House of Representatives followed suit on July 16.
A long wait
The act is expected to replace the obsolete Petroleum Act of 1969.
The PIB was first brought to the National Assembly in 2008 but it faced several obstacles while undergoing numerous revisions and debates.
There was some progress in 2015 when the House of Representatives passed a version, but it didn’t go through at the Senate.
In 2015, the Buhari administration proposed passing the PIB in various segments, forming four separate bills (Petroleum Industry Governance Bill, Fiscal Regime Bill, Upstream and Midstream Administration Bill, Petroleum Host Communities Bill).
A hot debate at the National Assembly over-allocation to host communities last month typified the contentious nature of the bill.