Just In: Nigeria’s President Signs Petroleum Industry Bill Into Law

Ending two decade long wait, Nigeria’s President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.

After returning from London on Friday, the President assented to the Bill Monday, 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.