By Haruna Salami
The Senate has passed a bill seeking to establish the Bitumen Development Commission to regulate and harness Nigeria’s vast bitumen deposits.
The passage of the bill on Wednesday followed presentation of the report of the Committee on Solid Minerals Development by Senator Diket Plang (Plateau Central) who said the commission is necessary to unlock the economic potential of Nigeria’s estimated 42 billion tons of bitumen deposits.
He added that the bill, sponsored by Senator Jimoh Ibrahim, (Ondo South), enjoyed wide support during a public hearing attended by stakeholders from across the country.
“Nigerian bitumen deposits, which are found largely in the southwestern part of the country, cutting across Ogun, Ondo, and Edo states within the onshore part of the Dahomey Basin, are the second largest in the world, with estimated reserves ranging from 13 to 42 billion tons, almost twice Nigeria’s oil reserves”, Plang said.
“However, this huge natural endowment has yet to be fully exploited for the maximum benefit of the country.
“The committee also noted that despite the viability of this natural resource, there is currently no comprehensive legal framework in place to regulate bitumen development, exploration, and exploitation for the benefit of Nigeria”.
Plang emphasized that bitumen is a key component in asphalt and other industrial applications and should be prioritized for both domestic use and export.
“The committee therefore resolved and recommends that the Senate consider and pass the Bitumen Development Commission Establishment Bill”, he said.
Also, Chief Whip Senator Tahir Monguno (Borno North) said the bill aligns with the federal government’s economic diversification agenda.
“This bill aligns with the government’s Renewed Hope mantra, which seeks to diversify Nigeria’s economy, traditionally monolithic, by developing other sources of revenue,” he said.
