BREAKING NEWS: President Muhammadu Buhari has signed the Petroleum Industry Bill into law.
The Petroleum Industry Bill 2021 has been signed into law by President Muhammadu Buhari (retd.). President Buhari’s Special Adviser on Media and Publicity, Femi Adesina, announced this in a statement titled, “President Buhari Signs Petroleum Industry Bill Into Law.” According to the presidential spokesman, his boss signed the contentious bill into law while under quarantine.
“After returning from London on Friday, August 13, and working from home in five days quarantine as mandated by the Presidential Steering Committee on COVID-19, the President assented to the Bill Monday, August 16, in his commitment to do his constitutional duty,” Adesina stated. “On Wednesday, once the days of mandatory isolation have been completed, the ceremonial element of the new legislation will be completed.
“The Petroleum Sector Act establishes a legal, governance, regulatory, and budgetary framework for the Nigerian petroleum industry, host community development, and other associated topics. “On July 15, 2021, the Senate passed the Bill, and the House of Representatives followed suit on July 16, putting an end to a long wait that began in the early 2000s and achieving yet another high for the Buhari administration.” Stakeholders in Southern Nigeria have slammed the recently passed PIB, with the Pan-Niger Delta Forum and other groups in the South-South, South-West, and South-East calling its provisions “unjust, devilish, and provocative.”
The bill, which the President has officially signed into law, will control the oil industry. Anything celebrity previously reported that Southern governors opposed the planned allotment of at least 30% of the earnings generated by the envisaged Nigerian National Petroleum Company Limited for oil exploration in “border basins” as defined by Section 9 of the PIB last month in Lagos. Government have stakes in that vehicle.” The frontier basins include: Chad Basin, Gongola Basin, Sokoto Basin, Dahomey Basin, Bida Basin, Benue Trough, amongst others. “The Forum rejects the suggested 3 percent and supports the 5 percent share of oil money to the host community as recommended by the House of Representatives,” the 17 governors declared in a communiqué issued by Governor of Ondo State, Oluwarotimi Akeredolu, at the end of their July meeting in Lagos.
“The forum also opposes the proposed 30 percent profit sharing for oil and gas exploration in the basins. “The forum rejects the proposed Nigeria National Petroleum Company Limited’s ownership structure. The Forum believes that the firm should not be vested in the Federal Ministry of Finance, but rather should be held in trust by the Nigeria Sovereign Investment Authority, as all tiers of government should be involved.