By Haruna Gimba
Nigeria’s President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.
President’s spokesman, Mr Femi Adesina, said Buhari signed the bill while working from home in line with COVID-19 protocol.
Adesina who confirmed the development in a statement, said the president is in a five days quarantine as required by the Presidential Steering Committee on COVID-19 after returning from London on August 13.
He said the president assented to the Bill on Monday August 16, 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 statement added.
The Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.
Health Reporters report that the Nigerian Senate had passed the Bill on July 15, 2021, while the House of Representatives did same on July 16, thus ending 20 years wait since the bill was first present to the National Assembly.
It was gathered that the key objective of the PIB is to overhaul and transform the Nigerian oil gas industry, ensuring good governance and accountability, creation of a commercially oriented national petroleum company, and fostering a conducive business environment for petroleum operations.
The objective is also to establish a progressive fiscal framework that encourages investment in the Nigerian petroleum industry, provides clarity, enhances revenues for the government while ensuring a fair return for investors.
For the past 20 years, there have been various attempts at reforming the industry. However, none of these efforts has yielded any tangible result until the introduction of the Petroleum Industry Bill (PIB) 2020.
