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JUST IN: Buhari signs Petroleum Industry Bill into law


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The President, Major General Muhammadu Buhari (retd.) has signed the Petroleum Industry Bill 2021 into law.

According to a statement issued by presidential spokesman, Femi Adesina, the president who has been in quarantine and working from home since arriving in Nigeria from London on Friday, assented to the bill Monday in his determination to fulfil his constitutional duty.

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”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 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, and notching another high for the Buhari administration.

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