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Pres Buhari Signs The Petroleum Industry Bill Into Law
President Muhammadu Buhari has signed the Petroleum Industry Bill (PIB) 2021 into law on Monday at the State House, Abuja.
The bill which was recently passed by the National Assembly stipulates that oil-producing communities in the Niger Delta will receive half a billion dollars annually as funding from the three percent approved for ‘Host Communities Trust Fund.’
The bill could also usher in investor confidence in Nigeria’s oil and gas sector and create more jobs for youths, women, and men in the region.
According to Special Adviser to the President on Media and Publicity, Femi Adesina; “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.
“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 same on July 16, thus ending a long wait since the early 2000s, and notching another high for the Buhari administration.”
President Buhari returned to Nigeria after a medical vacation in London on Friday, August 13, 2021.
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