BREAKING: Controversial Petroleum Industry Bill Gains Presidential Assent

President Buhari has signed the controversial Petroleum Industry Bill (PIB) into law.

Buhari who is currently working from home, due to his five days quarantine as required by the Presidential Steering Committee on COVID-19 after returning from London on Friday August 13, assented to the Bill on Monday in his determination to fulfill his constitutional duty.

However, the ceremonial part of the new legislation will be done on Wednesday, after the days of his  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.

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