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President Buhari signs PIB into law

Despite unresolved issues, President Muhammadu Buhari has signed the controversial Petroleum Industry Bill (PIB) 2021 into law.

This brings to an end many years of lacuna regarding oil and gas operations in Nigeria, which cost it hundreds of millions of dollars in lost revenue.

A statement from the Special Adviser to the President (Media and Publicity), Femi Adesina, said: “the President assented to the Bill Monday August 16, in his determination to fulfil his constitutional duty.”

Adesina said the feat was achieved while Mr President was “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 Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.

The statement added that 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 (the) same on July 16, thus ending a long wait since early 2000s, and notching another high for the Buhari administration,” the statement concludes.

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