Buhari signs Petroleum Industry Bill into law from Covid-19 Isolation

Buhari signs Petroleum Industry Bill into law from Covid-19 Isolation

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Muhammadu Buhari, president of Nigeriahas signed the Petroleum Industry Bill 2021 into law signed the controversial bill into law from quarantine.

But some Stakeholders in Southern Nigeria with the Pan-Niger Delta Forum and other groups in the South-South, South-West and South-East had kicked against the Bill that was recently passed by the National Assembly, according to The Punch.

Special Adviser to the President on Media and Publicity, Femi Adesina, said on Monday in a statement, barely 24 hours after he disclosed his intention to go into Covid-19 isolation with his aides who travelled with him to London.

The presidential spokesman said in the statement titled: ‘President Buhari Signs Petroleum Industry Bill Into Law”.

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.

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“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.

But 17 governors from southern Nigeria had said in a communiqué signed by the Governor of Ondo State, Oluwarotimi Akeredolu, at end of their July meeting in Alausa, Ikeja, Lagos, said, “The Forum rejects the proposed 3% and support the 5% share of the oil revenue to the host community as recommended by the House of Representatives;

“The forum also rejects the proposed 30% share of profit for the exploration of oil and gas in the basins which Chad Basin, Gongola Basin, Sokoto Basin, Dahomey Basin, Bida Basin, Benue Trough, amongst others.

“The forum rejects the ownership structure of the proposed Nigeria National Petroleum Company Limited. The Forum disagrees that the company be vested in the Federal Ministry of Finance but should be held in trust by Nigeria Sovereign Investment Authority since all tiers of Government have stakes in that vehicle.”

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