Jnbloq reports that the President on Monday signed the 2021 Petroleum Industry Bill (PIB) into law as confirmed by his spokesperson, Femi Adesina.
Despite the massive opposition against the bill which recommends three percent for oil-bearing communities, the Presidency said the new law can be reviewed as it is not “cast in stone.”
Speaking with reporters on Thursday after his visit to Governor Seyi Makinde of Oyo State in Ibadan, the Oyo State capital, Obi while commending the signing of the bill itself, however, berated the President for failing to increase the percentage allocated for host communities.
The ex-governor added that the President should have considered the five percent being demanded by the host communities, adding that the new law is necessary.
The former vice-presidential candidate of the Peoples Democratic Party (PDP) added that the federal government should care for those who are generating resources for the country.
He said: “The newly signed Petroleum Industry Act is needed but the government would have considered the five percent being demanded by the host communities.
