Prof. Wumi Iledare, former President, Nigerian Association of Energy Economics (NAEE), has commended President Muhammadu Buhari for assenting to the Petroleum Industry Bill (PIB).
Iledare gave the commendation in an interview in Abuja on Monday.
Both Chambers of the National Assembly had passed the bill on July 1.
A statement by president’s spokesman Mr Femi Adesina said that the president signed the bill into law as a way of fulfilling his constitutional duty.
According to him, the ceremonial part of the new legislation will be done on August 18.
“That the President signed PIB 2020 into law is laudable. It is a noble act that is worthy of celebration.
“Congratulations to the Presidency and the 9th National Assembly for bringing the wobbling PIB journey since 2000 to an end.
“I see in the Act, investment friendly fiscal framework with a well-designed regulatory and governance institutions,” he said.
Iledare, also a professor of Petroleum Engineering, said the next phase would be implementation without regulatory and institutional captures.
He called for involvement of competent professional with diverse experiences as members of the implementation Committee.
