By Salim Yunusa
President Muhammadu Buhari has signed the Petroleum Industry Bill (PIB) 2021 into law today at the State House, Abuja.
The National Assembly recently passed the Bill. The key objective of the PIB is to overhaul and transform the Nigerian oil gas industry, ensuring good governance and accountability, creation of a commercially oriented national petroleum company, and fostering a conducive business environment for petroleum operations.
The objective is also to establish a progressive fiscal framework that encourages investment in the Nigerian petroleum industry, provides clarity, enhances revenues for the government while ensuring a fair return for investors.
For the past 20 years, there have been various attempts at reforming the industry. However, none of these efforts has yielded any tangible result until the introduction of the Petroleum Industry Bill (PIB) 2020.