President Muhammadu Buhari Monday signed the controversial Petroleum Industry Bill to law.
The Petroleum Industry Bill 2021 was earlier passed by the Nigerian Senate in July, with a 3% allocation approved for host communities.
Lawmakers from the Southern region had demanded a minimum of 5% for the host communities.
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The upper chamber passed the PIB 2021 after the clause by clause consideration of the report of its joint committee on Petroleum (Upstream, Downstream and Gas) on PIB.
In a statement titled, ‘President Buhari Signs Petroleum Industry Bill Into Law’, Presidential aide, Femi Adesina said;
“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 fulfil 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.”
