President Buhari has signed the Petroleum Industry Bill into law

Date:

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

President Muhammadu Buhari has signed the Petroleum Industry Bill (PIB) 2021 into law.

According to a statement issued by Femi Adesina, the president assented to the bill on Monday 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 President is currently working from home in observance of the five days’ quarantine required by the presidential steering committee on COVID-19 after returning from London on August 13.

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 early 2000s.

On July 1, the senate and the house of representatives passed the PIB, allocating 3% and 5% percent respectively to host communities.

This, however, generated reactions from stakeholders in the oil industry and leaders in the Niger-Delta region.

At the public hearing on the bill, representatives of the host communities had demanded that they be allocated 10 percent on the grounds that three percentage is not enough to improve the standard of living of their people.

- Advertisement -
NewsWireNGR
NewsWireNGR
We tell underreported stories and drive conversational Journalism for change

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Things You Need to Know About eSIM

By Balogun Kamilu Lekan Three(Airtel, MTN and 9Mobile) of the...

10 most expensive cars in the world — One will buy 300 Rolls-Royces

Cars are not only designed for transportation; they are...

Beverly Osu: Biography, Education, Career, Marriage, Net Worth, Achievements and Controversy

Biography Beverly Ada Mary Osu, fondly called Beverly Osu, is...

FCT Minister, Mohammed Bello, says one of the most challenging assignments of his job is land matters

The Minister of Federal Capital Territory, Mohammed Bello, says one...