President MUHAMMADU BUHARI has signed the Petroleum Industry Bill 2021 into law.

The Special Adviser to the President on Media and Publicity, FEMI ADESINA, made this known in a statement.

The Presidential assent comes a month after the House of Representatives passed the bill on July 16, while the Senate passed the bill on July 15.

The Petroleum Industry Bill provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.

The Bill was first brought to the National Assembly in 2008 but faced several difficulties while undergoing numerous revisions and debates.

The newly signed act is expected to replace the outdated Petroleum Act of 1969.