Despite agitations from the Niger Delta region over the 3% host community funds reserved for oil producing communities, President Muhammadu Buhari has signed the Petroleum Industry Bill (PIB) 2021 into law.
A statement issued by Femi Adesina, presidential spokesman, said that Buhari is working from home in line with the five days’ quarantine as required by the presidential steering committee on COVID-19 after returning from London on August 13.
Adesina said the president assented to the bill on Monday in his determination to fulfill his constitutional duty.
”The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled,” the statement reads.
The contentious 3% host community funds has generated reactions from stakeholders in the oil industry and leaders in the Niger-Delta region.
Seriake Dickson, senator representing Bayelsa west; Douye Diri, governor of Bayelsa state; Edwin Clark, an Ijaw national leader, have argued that three percent is unacceptable
At the public hearing on the bill, representatives of the host communities had demanded that they be allocated 10 percent on the grounds that three percentage is not enough to improve the standard of living of their people.
