President Muhammadu Buhari on Monday signed the Petroleum Industry Bill 2021 into law.
The Presidents gave his assent to the Bill despite protest by stakeholders in the Niger Delta region.
iVotesNG reports that following the passage of the BIll by the National Assembly, urged the President not to give his assent. They expressed disappointment when a paltry three percent was what they were given, as against the 5 or even ten percent agitated for was what both chambers of the National Assembly put in the Bill.
However, a statement Femi Adesina, the Special Adviser to the President on Monday 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 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.