President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law. The President assented to the Bill on Monday, a State House statement said.

With the Presidential assent, the Petroleum Industry now has a legal, governance, regulatory and fiscal framework.

The State House statement issued by Special Adviser to the President on Media, Mr. Femi Adesina, said President Buhari, working from home in five days quarantine as required by the Presidential Steering Committee on COVID-19 after returning from London on Friday, signed the bill in his determination to fulfill his constitutional duty.

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

The Senate had passed the Bill on July 15, while the House of Representatives did same on July 16, bringing to an end a long wait since early 2000s.