President Buhari Signs Petroleum Industry Bill Into Law | The Street Reporters Newspaper President Buhari Signs Petroleum Industry Bill Into Law | The Street Reporters Newspaper
President Muhammadu Buhari of Nigeria BOFI

President Buhari Signs Petroleum Industry Bill Into Law

302
Kindly Share this Story

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

This is according to a statement signed by presidential spokesperson Femi Adesina.

According to the statement, President Buhari signed the bill into law while in quarantine, after his arrival from the United Kingdom.

“The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled,” the statement said.

ALSO READ  JUST IN: CNPP Urges FG, South East Governors, to Thread Cautiously in Nnamdi Kanu, IPOB, Sunday Igboho Cases

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 and the House of Representatives followed suit on July 16.

The act is expected to replace the obsolete Petroleum Act of 1969.

The PIB was first brought to the National Assembly in 2008 but it faced several obstacles while undergoing numerous revisions and debates.

ALSO READ  Nigeria and Turkey to Collaborate in Humanitarian Response, Mitigation

There was some progress in 2015 when the House of Representatives passed a version, but it didn’t go through at the Senate.

In 2015, the Buhari administration proposed passing the PIB in various segments, forming four separate bills (Petroleum Industry Governance Bill, Fiscal Regime Bill, Upstream and Midstream Administration Bill, Petroleum Host Communities Bill).

A hot debate at the National Assembly over allocation to host communities last month typified the contentious nature of the bill.

The Street Reporters Newspaper is your BREAKING NEWS platform.
ALSO READ  APC Support Group Visits Ward 12 Onitsha North, Drums Support for Andy Uba
Do you have Breaking news or Opinion article for us? | *Call: +234 817 504 7979 | Or Email Us: news@streetreporters.ng | Follow Us on Twitter https://twitter.com/streetreporters | Join Our Fans on Facebook: https://facebook.com/streetreporters.ng | Follow us on Instagram https://intagram.com/streetreporters | Advertise With Us: +2348035823617 | Visit Our Website: www.StreetReporters.ng
Kindly Share this Story


The Street Reporters Newspaper is reliable latest news portal and publishes opinions, business news, politics, and sports news from Nigeria and the world.


Subscribe
Notify of
guest
Enter your name
Enter a valid email address to comment
0 Comments
Inline Feedbacks
View all comments
Call Now ButtonCall Us Now!
0
Would love your thoughts, please comment.x
()
x
%d bloggers like this: