Posted by A motion to create the Bitumen Development Commission was approved by the 10th Senate on Thursday.
Senator Jimoh Folorunsho Ibrahim (D-Ondo South) has introduced a resolution to create the Bitumen Development Commission in order to “regulate activities of exploration, development, and exportation for purposes of generating revenue for the country.”
The motion emphasized the importance of economic diversification, noting that Nigeria is rich in bitumen and hence in need of strict regulations to help the country profit from its abundance of the resource.
Bitumen might provide a new cash stream for the country, as was detailed in a draft of the motion that was laid at the plenary and seen by KURYALOADED
Since Nigeria has the world’s second-largest resource of bitumen (behind Canada), the section states: “That the intention of the proposed legislation is to make Bitumen an alternative revenue spinning product in Nigeria.”
The draft bill states that “the proposed commission, as projected in the draft bill, should be sited in any of the three towns with high deposits of bitumen in Ondo State, which are Ode-Irele, Agbabu, and Igbotako.”
When fully established as a government agency, the Bitumen Development Commission is expected to speed up the construction of roads across Nigeria and provide employment opportunities for Nigerians, particularly geologists whose knowledge will be required for its exploration.
After plenary, in his office, the lawmaker elaborated on the proposed bill, explaining that the bill’s details will be laid out during the second reading when it is called up, and expressing his confidence that the bill would have the backing of his colleagues and receive the assent of the president.
“If the proposed legislation passes in both the Senate and the House of Representatives with attendant establishment of the Bitumen Development Commission after presidential assent, it would be the first law on exploration, development, and possibly exportation of bitumen in Nigeria,” he stated.