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Buhari Signs Petroleum Industry Bill Into Law

President Buhari has signed the controversial petroleum Bill into law, TrustFunds has learned.

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The president signed the Petroleum Industry Bill 2021 into law on monday. 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 in his determination to fulfill his constitutional duty.

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The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled.

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The Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.

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The Senate had passed the Bill on July 15, 2021, while the House of Representatives did same on July 16, thus ending a long wait since early 2000s, and notching another high for the Buhari administration.

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