A bill aimed at establishing a legal framework for the mining, production, and exportation of bitumen in the country successfully passed its second reading in the Senate on Thursday.
The sponsor of the bill, Senator Jimoh Ibrahim, representing Ondo South, presented the Lead Debate, advocating for the creation of the Bitumen Development Commission of Nigeria. He expressed optimism that such an agency would play a crucial role in stimulating revenue growth for the country. Senator Ibrahim also envisaged that the agency would be entrusted with the statutory responsibility of overseeing the entire process of mining, production, and exportation of bitumen in the country.
Furthermore, Senator Ibrahim highlighted that exploring bitumen in the country aligns with the federal government’s economic diversification policy. The bill’s objectives, as outlined by the senator, include:
- Developing a legal framework for the regulation of bitumen development in Nigeria.
- Preventing unconventional sources from gaining an advantage in research-enhanced applications over other competitors.
- Leading innovation and resource-based strategy in the development of bitumen in Nigeria.
- Ensuring the effective utilization of the over 38 billion reserve of bitumen in Nigeria.
- Promoting the federal government’s economic diversification policy.
