President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.
The President assented to the bill on Monday as disclosed in a statement issued by Femi Adesina, the presidential spokesman.
Adeshina said the President is working from home in five days’ self-isolation as required by the Presidential Steering Committee on COVID-19 after returning from London on August 13.
”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.
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.
The Senate had passed the bill on July 15, 2021, while the House of Representatives did the same on July 16, thus ending a long wait since the early 2000s.
Some activists from civil society organisations have condemned the bill for failing to address critical issues in the oil and gas sector, especially as they concern oil-rich communities. They insist that it failed to address community, economic and environmental concerns.
AddThis
:
Original Author
:
SaharaReporters, New York
Disable advertisements
:
