President Muhammadu Buhari has signs the Petroleum Industry Bill, PIB 2021 into law while isoalting and working from home.
The President assented to the PIB bill on Monday presidential spokesman Femi Adesina said.
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There wil be a ceremeony on Wednesday to mark the assent of the new legislation which provides a legal and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.
The PIB was passed by the senate and the House of Representatives in July 2021 further ending the over 10 years wait.
While in the wait, the PIB became controversial for its faliure to address issues that activists consdiere the most controversial for the oil and gas sector.
Civil society organisations are insisting that the PIB does not address community, economic and environmental concerns.