The Petroleum Industry Bill (PIB) has been signed into law by President Muhammadu Buhari.
Femi Adesina, his spokesman, said Buhari signed the bill on Monday.
According to Adesina, Buhari signed the bill as part of his constitutional duty.
The PIB contains 5 chapters, including governance and institutions, administration, host community development, petroleum industry fiscal framework, and miscellaneous provisions in 319 clauses and 8 schedules.
The ceremonial part of the new legislation will be conducted on Wednesday, after the days of mandatory isolation have ended.
Earlier, the National Assembly had passed the controversial bill.