Janet Samuel, Abuja
The Senate has passed the bill seeking for the establishment of Bitumen Development Commission for second reading as it made legislative move of including Nigeria in the $147billion global bitumen market with passage for second reading ,
The bill that was sponsored by Senator Jimoh Ibrahim of Ondo South has quantum of 5.9trillion barrels ( 938billion m³) of global in – place Bitumen and heavy oil resources , second to Venezuela .
While leading the debate, the Senator informed the Senate that more than 80% of the resources are found in Canada , United States of America , Venezuela and Nigeria .
He lamented that while other countries blessed with the Natural resources are exploiting it through required legislations or legal frameworks , Nigeria’ has no legal framework for such exploration with attendant untapped opportunities and huge market loss .
The objectives of the Bill according to him includes: the need to develop a legal framework for the regulation of the Bitumen development in Nigeria; to prevent unconventional sources from taking advantage of research-enhanced applications over other competitors; and to lead innovation and resource-based strategy in the development of bitumen in Nigeria.
“The Bill will also ensure effective utilisation of over 38 billion reserve of bitumen in Nigeria; and to promote economic diversification policy of the Federal Government” He said.
He added that the Bill among other reasons, seeks to restrict the activities of the commission to its regulatory and cordinating functioons , specifically as it relates to the Develooment of Bitumen in Nigeria .
Ondo State alone according to him , has the highest deposit in Africa with an estimated value of $42billion which are aside from depisits in Ogun State , Edo , Lagos and Akwa- Ibom States .
” The proposed Bitumen Development Commission when established , would fastrack the development of Bitumen in Nigeria , make her a key player in the $147billion global market and create instant 12, 000 jobs for Nigerians .
In their various contribution, Many of the Senators concurred with Senator Ibrahim’s submissions , making the Senate as put to voice votes by its President , Godswill Akpabio , passed it for second reading .
In a remark, , Senate Presidentl, Akpabio commended Senator Ibrahim for sponsorship of the development – driven bill, mandated the Senate Committee on Solid Minerals to make further legislative inputs on it and report back in a month’s time .
