Nigeria’s journey to the Petroleum Industry Act started in 2000 under President Olusegun Obasanjo, who inaugurated an oil and gas sector reform implementation committee. The committee’s report formed the basis of the first Petroleum Industry Bill eight years later. It was submitted to the National Assembly but not passed. Nor was it passed under the next president, Goodluck Jonathan. President Muhammadu Buhari also declined assent to it in 2018 because of some provisions. It was finally passed by the National Assembly on 1 July 2021 and signed into law by Buhari. Omowumi Iledare explains the significance. Why is the act important? The main objectives of the Petroleum Industry Act are to: define the relationship between the society and investors determine how costs are recovered and profits shared among stakeholders establish an innovative mechanism to fund petroleum host communities directly through trust funds improve transparency and accountability in the oil […]