Breaking News: President Buhari Signs Petroleum Industry Bill (PIB)

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President Muhammadu Buhari has signed into law, the Petroleum Industry Bill (PIB) freshly passed by the National Assembly.

This was confirmed in a statement on Monday by his spokesperson, Femi Adesina.

Adesina noted that Buhari signed the bill while working from home due to the COVID-19 quarantine which the President is observing after his return from the UK.

He added that the ceremonial part of the signing will be done on Wednesday after the isolation must have been completed as required by the Presidential Steering Committee on COVID-19.

”The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled,” the statement said.

The Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.

Leakblast.com recalls the Senate had passed the bill on July 15, 2021, while the House of Representatives did the same on July 16 but some stakeholders have rejected the content of the bill as passed by the National Assembly.

It will be recalled specifically among several other calls that that former Bayelsa State Governor, Seriake Dickson has warned President Muhammadu Buhari against signing the Petroleum Industry Bill (PIB) into law.

READ ALSO: 2023: IBB Names Orji Uzor Kalu As A Possible Buhari Successor

Dickson said the PIB as passed by the National Assembly is capable of causing fresh uprisings in the Niger-Delta region and therefore urged the President to withhold his assent.

He said before the President should assent the bill, it is necessary to adjust some of the amendments made by the lawmakers to accommodate the five per cent allocation to the host communities so as not to disturb the relative peace in place in the region at the moment.

Also, the Niger Delta Revolutionary Crusaders (NDRC) have threatened to resume attacks on oil facilities in the Southsouth over the recently passed Petroleum Industry Bill (PIB).

This comes after the National Assembly had allocated 3% to the Niger Delta region in the PIB as against the 5% the region had advocated for.

Reacting in a statement, the spokesperson of the militant group, WO 1 Izon-Ebi, slammed lawmakers for passing the unfavorable allocation.

According to him, NDRC commanders have returned to the creeks of the Niger Delta, in preparation to strike.

But the Minister of State for Petroleum, Timipre Sylva about two weeks ago stated that the People of the Niger-Delta will receive a fresh opportunity to engage with the Federal Government on the three percent fund allocated to oil producing communities in the region after President Muhammadu Buhari assents to the Petroleum Industry Bill (PIB).

He stated this in Abuja when a group of Ijaw elders, leaders and critical stakeholders visited him to congratulate him on the passage of the PIB after 13 years in the National Assembly.

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