News
President Buhari Signs PIB into Law.
President Muhammadu Buhari signed the Petroleum Industry Bill, PIB, 2021, into law on Monday.
Chief Femi Adesina, Special Adviser to the President on Media and Publicity, made the announcement in an Abuja statement.
According to the statement, “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.
See also President Buhari Calls for Prayers As Pope Francis Goes in For Surgery.
“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 a legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.
Recall that the Senate had passed the Bill on July 15, while the House of Representatives did the same on July 16.
Pandef Lambasts Buhari for Signing the PIB Despite “the Overwhelming outcry”
The Pan Niger Delta Forum, on the other hand, criticized the President for signing the PIB without amending several contentious provisions, claiming that the action was a ploy to divert oil money from Southern Nigeria to the North.
According to Section 9 of the PIB, the President approved at least 30% of the profit generated by the proposed Nigerian National Petroleum Company Limited to go to the exploration of oil in “frontier basins” by assenting to the bill, which legislation was stalled for about 20 years before it was recently passed by the 9th National Assembly.