President Muhammadu Buhari, on Monday has signed the Petroleum Industry Bill (PIB) into law.
This was disclosed in a statement issued by Special Adviser to the President (Media and Publicity), Mr Femi Adesina on Monday.
According to the statement, the ceremonial part of the new legislation will be done on Wednesday when the President would have fulfilled the mandatory isolation over Covid-19 concern.
Buhari had gone into isolation after returning to the country from the United Kingdom on Friday.
The Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities and related matters.
Recall that the National Assembly had jointly passed 3 per cent for oil producing communities as trust fund in the PIB, despite condemnation from Southern lawmakers, including members elected under the platform of the Peoples Democratic Party (PDP).
Senate had passed the bill on July 15 while the House of Representatives did same on July 16, thus ending a long wait since early 2000s.
