BY ROTIMI DUROJAIYE
President Muhammadu Buhari, on Monday, assented to the Petroleum Industry Bill, in his determination to fulfill his constitutional duty.
His Special Adviser on Media & Publicity, Femi Adesina, said in a statement, that the President is 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, 2021.
Adesina added that the ceremonial part of the new legislation will be done on Wednesday, August 18, 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.
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.
The bill had proposed 2.5% equity share holding for host communities, while the committee on the bill had recommended 5%.
The equity share holding for host communities was top among the demands of individuals and groups at the public hearing of the bill which held over six months ago.
