BREAKING: Buhari signs Petroleum Industry Bill into law; What you need to know about Nigeria’s Petroleum Industry Bill

What is Nigeria’s Petroleum Industry Bill and why is it significant?

Nigeria, according to statistics has an estimated 37billion barrels of oil and 188 trillion cubic feet of gas. This places the country on top of other Oil and gas producing countries- the largest in sub-Saharan Africa. With these numbers, one would have expected the country to create more factories to aid production but the reverse has been the case, hence, the need for this bill. The Petroleum Industry law will help regularise the country’s petroleum industry thereby helping in the development of host communities, and another minor petroleum-related issue.

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What changes under the new bill? ?

A well structured and reformed NNPC
Formation of new regulatory bodies and officials
A commercially-oriented NNPC
Rules for environmental cleanups
Conflict control and resolutions mechanisms
Priority for the host community
Restructured
Transparency in the running administration

What Has The President Said And When Did He Sign The Bill?

The presidential spokesman said his principal signed the controversial bill into law while working from quarantine.

Adesina said, “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 fulfil 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.Dollar to Naira

“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.”