The President, Muhammadu Buhari, has signed the Petroleum Industry Bill 2021 into law.
Special Adviser to the President on Media and Publicity, Femi Adesina, made this known in a statement on Monday, titled, ‘President Buhari Signs Petroleum Industry Bill into Law’.
The presidential spokesman said the President signed the controversial bill into law while working from quarantine.
Adesina 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 fulfil 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.”
The Nigerian National Petroleum Corporation (NNPC), the Petroleum Equalisation Fund (Management) Board (PEF) and the Petroleum Products Pricing Regulatory Agency (PPPRA) are the three agencies to be scrapped as President Muhammadu Buhari signed the Petroleum Industry Bill (PIB) 2021 into law, Monday.
However, some stakeholders had expressed concern over some clauses in the passed bill, which Buhari signed to law. One of such is the scrapping of PEF and PPPRA and the commercialization of the NNPC, fearing there could be job losses.