President Muhammadu Buhari has signed the controversial Petroleum Industry Bill (PIB) 2021 into law on Monday despite the agitations of host communities.
The presidential spokesperson, Femi Adesina, who disclosed this in a statement on Monday, said Buhari signed the PIB bill into law while in quarantine, after his arrival from the United Kingdom.
“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.
“The Senate passed the Bill on July 15, 2021, while the House of Representatives did the same on July 16, thus ending a long wait since early 2000s, and notching another high for the Buhari administration.”
Petroleum Industry Bill Controversy
The development is coming amid agitations and dissatisfaction by host communities who have been demanding five percent equity, as against the three percent in the document by the federal lawmakers.
On July 1, the senate and the house of representatives had recommended 3% and 5% percent respectively to host communities.
But the issue of the percentage of equity for host communities had caused rancour among the lawmakers at different sessions.
Several stakeholders including Seriake Dickson, senator representing Bayelsa west; Douye Diri, governor of Bayelsa state; Edwin Clark, an Ijaw national leader, have argued that three percent is unacceptable
At the public hearing on the bill, representatives of the host communities had demanded that they be allocated five percent on the grounds that three percentage is not enough to improve the standard of living of their people.
Buhari is presently on five days quarantine as required by the Presidential Steering Committee on COVID-19 after returning from London on Friday, August 13.