President Muhammadu Buhari has signed the Petroleum Industry Bill, a statement from his media aide has said.
Femi Adesina, presidential spokesman said the President signed the bill working remotely in line with the five days’ quarantine as required by the presidential steering committee on COVID-19 after returning from London on August 13.
Adesina said the president assented to the bill on Monday 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 statement reads.
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 the same on July 16, thus ending a long wait since the early 2000s.
On July 1, the senate and the house of representatives passed the PIB, allocating 3% and 5% percent respectively to host communities.
Isaac Anyaogu is an Assistant editor and head of the energy and environment desk. He is an award-winning journalist who has written hundreds of reports on Nigeria’s oil and gas industry, energy and environmental policies, regulation and climate change impacts in Africa. He was part of a journalist team that investigated lead acid pollution by an Indian recycler in Nigeria and won the international prize - Fetisov Journalism award in 2020.
Mr Anyaogu joined BusinessDay in January 2016 as a multimedia content producer on the energy desk and rose to head the desk in October 2020 after several ground breaking stories and multiple award wining stories. His reporting covers start-ups, companies and markets, financing and regulatory policies in the power sector, oil and gas, renewable energy and environmental sectors
He has covered the Niger Delta crises, and corruption in NIgeria’s petroleum product imports.
He left the Audit and Consulting firm, OR&C Consultants in 2015 after three years to write for BusinessDay and his background working with financial statements, audit reports and tax consulting assignments significantly benefited his reporting.
Mr Anyaogu studied mass communications and Media Studies and has attended several training programmes in Ghana, South Africa and the United States
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