President Muhammadu Buhari has signed into law, the Petroleum Industry Bill (PIB) which was recently passed by the National Assembly.
The presidential spokesperson, Femi Adesina disclosed the development in a statement on Monday.
According to Adesina, President Buhari signed the bill while in Isolation, after his return from his UK trip.
He added that the ceremonial part of the signing would hold 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,” Adesina said.
The development is coming amid agitations and dissatisfaction by host communities who have been demanding for five percent equity, as against the three percent in the document by the federal lawmakers.
The issue of the percentage of equity for host communities had caused rancour among the lawmakers at different sessions.