By Teddy Nwanunobi
President Muhammadu Buhari has commended members of the National Assembly and stakeholders of the nation’s oil and gas industry for “making the Petroleum Industry Bill (PIB) “Act a reality”.
Buhari, on Monday, signed the PIB into law, 32 days, after the Senate had passed the harmonised Bill.
Valuechain recalls that the Senate, on Thursday, July 15, passed the harmonised Bill amidst protest by senators from the South-South geopolitical zone.
A statement issued on Monday by Buhari’s Special Adviser on Media and Publicity, Femi Adesina, said that the ceremonial part of the Act will be done on Wednesday.
“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 ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled,” it read in part.
Excited Buhari, after assenting to the Bill, on Monday, assured Nigerians that his administration would continue to work for their benefits.
“Today, at the State House, I signed the Petroleum Industry Bill (PIB) into law. A long wait, taking up much of the last two decades, has now finally come to an end.
“Congratulations to all! I commend the National Assembly, and all other stakeholders, within and outside the government, on the hard work that has gone into making this Act a reality.
“We will continue to work for the benefit of the Nigerian people,” Buhari assured.
Valuechain reports that the Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of the host communities, and related matters.
