HeadlineBREAKING: Buhari Signs Petroleum Industry Bill Into Law

BREAKING: Buhari Signs Petroleum Industry Bill Into Law


August 16, (THEWILL) – President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law, a remarkable feat for his administration, his spokesman, Femi Adesina, said in a statement Monday.

The new law is expected to encourage new investments into Nigeria’s huge oil reserves.

“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.

Buhari Signs Petroleum Industry Bill Into Law
President Buhari Signs Petroleum Industry Bill Into Law, Monday, August 16, 2021. (Photo credit: Bayo Omoboriowo/State House Photo)

“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 early 2000s, and notching another high for the Buhari administration,” Adesina wrote.

Website | + posts



Please enter your comment!
Please enter your name here

More like this

OPINION: Have You Read The Electoral Act 2022?

After the February 2023 Presidential Election, many theories concerning...

OPINION: Elections 2023, Bruised Political Parties And Crushed Nigerians

During the run up to the 18 March elections,...

Children Of Prominent Nigerians Who Won, Lost Elections (2)

The 2023 House of Assembly and Governorship elections had...