August 16, (THEWILL) – President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law, a remarkable feat for his administration, his spokesman, Femi Adesina, said in a statement Monday.
The new law is expected to encourage new investments into Nigeria’s huge oil reserves.
“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.
“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 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 same on July 16, thus ending a long wait since early 2000s, and notching another high for the Buhari administration,” Adesina wrote.