Senator Jimoh Ibrahim
Since independence, oil have remained Nigeria’s major source of revenue. Discussions about diversification have yielded little results and this is majorly attributed to lack of legislations and the will-power to implement existing laws. ANDREW OOTA looks at the Bitumen Development Commission Bill sponsored by senator Jimoh Ibrahim,Ondo South that seeks to unlock a 147billion dollar global market for Nigeria and second only to Venezuela.
The National Assembly has the constitutional duty of making laws for the good governance of Nigeria as it’s primary responsibility .
Oversight,motions and investigations are added to this primary responsibility of parliament in all democracies without exceptions.
The operational word in the primary duties of Nigeria’s highest lawmaking institution ,the National Assembly is laws for ‘good governance’ ,this presupposes that laws enacted by Nigeria’s bicameral legislature must be in the overall interest of Nigeria and must seek to provide good governance .
It is against this background that the 10th Senate will so far be seen as having laid the building blocks for achieving that major requirement with the approval for the public hearing and eventual passage of the Bitumen Development commission of Nigeria .
Senator Jimoh Ibrahim ,sponsor of the bill did an excellent job and has undoubtedly set himself on the path of history .
In his lead debate , senator Jimoh Ibrahim representing Ondo South Senatorial district of Ondo state was clear headed when he told his colleagues and convincingly too, that Nigeria sits on a 147billion dollar Global Bitumen market ,second only to Venezuela worldwide.
Bitumen is a natural resource that has potential to write off Nigeria’s debt profile within 7 years with Ondo state alone recording the highest deposit in Africa estimated at 42billion dollars asides Edo, Ogun,Lagos and Akwa Ibom states is mind-blowing by all standards .
This all important piece of legislation was first read on July 20, 2023 barely a month after the inauguration of the 10th National Assembly, and it seeks to develop a legal framework for the regulation of the Bitumen Development in Nigeria ,prevent unconstitutional sources from taking advantage of research enhanced applications over other competitors ,according the sponsor.
He mainatined also that the bill seeks “to lead innovation and resource-based strategy in the development of Bitumen in Nigeria, ensure effective utilisation of over 38billion reserve of Bitumen in Nigeria and promote economic diversification policy of the Federal Government”.
Suffice to say, Nigeria under former President Olusegun Obssanjo had laid the foundation for Bitumen exploration in Nigeria ,however the exercise was in futility because of the absence of the legal framework that will provide the necessary legal backing for the structure that will guarantee exploration .
This legal incumbrance scared away the Canadian experts that were drafted into the public show by the Obasanjo administration and former Governor Olusegun Agagu as Governor of Ondo state at the state.
This costly oversight have stalled the exploration of this money spinning global commodity that places Nigeria on the international map and even much more than oil.
In his argument however, Senator Jimoh Ibrahim ,the sponsor of this all important piece of legislation was confident that “the bill, if passes provides clarity on the regulatory functions of the Bitumen Development commission in Nigeria in ensuring that Bitumen Development in the country conform with international b at practices “.
It is important to note that , the establishment of this commission is not like just another commission as seen in most bills , this commission seeks to improve on the revenue of the country and create jobs for unemployed as well as play a reasonable role in arresting the cascading unemployment figures recently released by the Bureau of statistics in Nigeria .
A quantum of 5.9trillion barrels of global in Bitumen and the nation’s oil resources has potentials to positively change the face of the Nigeria economy and this truly reflect one of the most deliberate and practical steps towards diversification beyound rhetorics.
About 12 ,000 jobs estimated to be created is not a little achievement , but besides , the sponsor of this Bill equally stated that “it would help Government at various levels to put in place asphalted roads in various communities , out of 200,000 kilometer of roads in Nigeria ,only 20, 000 are asphalted even with imported Bitumen which is not good and being addressed with the proposed commission “.
He mainatined that ,”this bill will also ensure effective utilisation of over 38billion reserve of Bitumen in Nigeria and to promote economic diversification “.
It is equally of importance to note that Nigeria has over the years depended largely on oil as major source of revenue and paid less attention to other sectors such as the Bitumen, the solid minerals in Nassarawa state , gold in Zamfara as well as other natural resources .
Most Nigerians have expressed concerns that other countries blessed with natural resources have thought it wise and right to exploit there’s through required legislations and legal frameworks , while in Nigeria illegal explorations have dominated the use of our resources for the interest of a few cartel .
There is a conviction therefore,that if Nigeria as a nation can tap just 10 percent of the global market,we can take revenue that will be enough to offset the nation’s foreign debt and place the country on the tracks of fast economic prosperity within record time.
While the bill awaits public hearing and possible passage and transition to the President for assent, history and breathtaking breakthrough are in the offing .
It is expected that the Host states will rally the communities and traditional institutions to equally begin to prepare the minds of the people of those areas to give Government the maximum cooperation that will guarantee the legitimate exploration .
As for the sponsor of the bill ,he has already secured his legacy on sans of time and history will always remember him for taking the initiative to sponsor a bill that will not only improve the country’s finances but will also send the signal that Nigeria is a country guided my laws and illegal exploitation of her God’s given resources cannot continue to be stolen for the benefit of cartels .
