President Muhammadu Buhari signs Petroleum Industry Bill 2021 into law

President Muhammadu Buhari has signed the controversial Petroleum Industry Bill (PIB) 2021 into law.

This announcement was made via a statement released by his Special Adviser on Media and Publicity, Femi Adesina,

on Monday, August 20. 

However, The ceremonial part of the new legislation is on Wednesday, August 22 after President Muhammadu Buhari

must have fulfilled the days of mandatory isolation. 

Furthermore, The statement read; 

“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.

It also states The ceremonial part of the new legislation will be Wednesday, after the fulfillment days of mandatory isolation

Also, 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,

ignited controversy following the allocation of three percent revenue to host communities in the Niger Delta,

while a fund for the exploration of oil in frontier basins, mostly in northern states, received 30 percent.

President Muhammadu Buhari signs Petroleum Industry Bill 2021 into law

By Taiyelolu A

Also, Follow:

https://broommedia.com/wp-admin/edit.php?post_type=post

https://www.facebook.com/broomsnews/

Leave a Reply

Your email address will not be published. Required fields are marked *