President Muhammadu Buhari has signed the controversial Petroleum Industry Bill (PIB) 2021 into law.
This was announcened via a statement released by his Special Adviser on Media and Publicity, Femi Adesina, on Monday August 20.
The ceremonial part of the new legislation will be done on Wednesday August 22 after President Buhari must have fulfilled the days of mandatory isolation.
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.
The Petroleum Industry Act which 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 per cent 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 per cent.