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Saturday, September 18, 2021

President Buhari Sign Petroleum Industry Bill Into Law

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Nigeria’s President Buhari has assented to Petroleum Industry Bill on Monday, a month after it was voted through by both chambers of the National Assembly. The Petroleum Industry Act (PIA) provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, development of host communities, and related matters

Nigerian National Petroleum Corporation (NNPC), the Petroleum Equalisation Fund (Management) Board (PEF) and the Petroleum Products Pricing Regulatory Agency (PPPRA) are the three agencies to be scrapped as President Muhammadu Buhari signed the Petroleum Industry Bill (PIB) 2021 into law, Monday

The Petroleum Industry Bill (PIB) contains 5 chapters, including governance and institutions, administration, host communities development, petroleum industry fiscal framework and miscellaneous provisions in 319 clauses and 8 schedules.

According to Femi Adesina ”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.

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