Buhari signs PIB into law

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President Muhammadu Buhari has assented to the Petroleum Industry Bill (PIB).

Mr Buhari, who is self-isolating after returning of the United Kingdom recently, appended his assents to the bill on Monday, a statement from his spokesman, Femi Adesina said.

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

The Petroleum Industry Act, which has faced criticism in some quarters, 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 the same on July 16, thus ending a long wait since early 2000s.

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