- President Buhari signs PIB
Nigeria’s President Muhammadu Buhari has signed the Petroleum Industry Bill (PIB) 2021 into law. The Special Adviser to the President on Media and Publicity, Femi Adesina, announced in a statement today.
”Working from home in five-day 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 fulfil his constitutional duty”, the statement read.
”The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled.”
The National Assembly had, on July 15th and 16th, 2021, passed the PIB, which has been 20 years in the making. Despite several concerns raised on some provisions in the PIB, President Buhari signed the bill into law today. The PIB seeks to open up the Nigerian oil and gas sector for investments and fast-track developments in the domestic gas sector for the benefit the Nigerian economy.