President Muhammadu Buhari has on Monday, August 16, signed the Petroleum Industry Bill 2021 into law.
Presidential spokesman Femi Adesina in a statement Legit.ng sighted on its official Facebook page said the president assented to the bill in his determination to fulfill his constitutional duty.
He explained that President Buhari attended to the bill as he continues to work from home, observing the five days quarantine as required by the Presidential Steering Committee on COVID-19 after returning from London on Friday, August 13,
Legit.ng gathers that the ceremonial part of the new legislation will be done on Wednesday, August 18, after the days of mandatory isolation would have been fulfilled.
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Petroleum Industry Bill 2021
Adesina in the statement explained that 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.
He recalled that the Senate had passed the bill on Thursday, July 15, while the House of Representatives did the same on Friday, July 16.
This, according to him, ended a long wait since the early 2000s, noting that the development is another high for the Buhari administration.
House of Reps reject a motion to declare Bauchi oil-producing state
Earlier, Legit.ng reported that the House of Representatives on Thursday, July 15, shut down a motion asking the Nigerian government to declare Bauchi state an oil-producing state in the country.
The motion was sponsored by Yakubu Abdullahi from Bauchi state who also asked the federal government to extend the 13 percent derivation to it.
According to the All Progressive Congress (APC) member, in 2018 oil exploration started in Bauchi and it is still ongoing up till today.