After over two decade of delay, President Muhammadu Buhari signed into law the Petroleum Industry Bill (PIB), a piece of legislation that will serve as the framework for the operations in the oil and gas industry.

The legislation which has suffered several setbacks since 2008, when it was first presented to the National Assembly, aims at removing legal and regulatory uncertainties that have held back the industry’s growth.

The Petroleum Industry Act (PIA) provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters. This is just as the President of the Senate, Dr. Ahmad Lawan;

Speaker of the House of Representatives, Hon. Femi Gbajabiamila; the Organisation of Petroleum Exporting Countries (OPEC), the Nigeria Extractive Industries Transparency Initiative (NEITI) and some industry players have said the PIA would positively reshape Nigeria’s industry.

On the contrary, the Peoples Democratic Party (PDP), the Pan Niger Delta Forum (PANDEF), ljaw National Congress (INC), have expressed displeasure over the development, saying the president failed to heed to the complaints on certain areas in the law.

A statement issued by the President’s Special Adviser on Media and Publicity, Femi Adesina, said President Buhari assented to the Bill working from home.