President Muhammadu Buhari has signed the Petroleum Industry Bill, PIB 2021 into law, Special Adviser to the president on media and publicity, Femi Adesina said 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 Monday August 16, in his determination to fulfill his constitutional duty,” Adesina said in a statement made available to GreenWhiteGreen GWG.
The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled he further disclosed.
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 PIB 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.
The development is, however, bound to be unsavory for major stakeholders in the oil rich Niger Delta who had ironically long called for the passage of the bill.
However, the provisions of the bill, now an Act, were considered unpalatable by stakeholders as it provides that upstream oil prospecting companies provide 3-5% of their budgets for the preceding year to the host community fund.
Niger Delta stakeholders had demanded 10% and called on Buhari not to sign the PIB into law until amended.