A bill to establish Bitumen Development Commission of Nigeria, has passed a second reading at the plenary on the floor of the Senate on Thursday.
According to the News Agency of Nigeria, the bill was sponsored by Sen.Jimoh, Ibrahim, APC-Ondo.
Leading debate on the general principles of the bill, Ibrahim noted that the bill was read for the first time on July, 20.
He explained that the bill among other reasons seeks to forestall the activities of the commission to its regulatory and coordinating functions, specifically as it relates to the development of bitumen in the country.
The lawmaker representing Ondo South Senatorial District said that the global in-place Bitumen and heavy oil resources were estimated to be 5.9 trillion barrels, adding that more than 80 per cent of the resources are found in Canada, United States, Venezuela and Nigeria.
He listed the aims of the bill to include, the need to develop a legal framework for the regulation of the bitumen development in Nigeria.
Ibrahim asserted that the bill has the objectives to prevent unconventional sources from taking advantage of research-enhanced applications over other competitors.
Speaking further, he stressed that the bill would help to lead innovation and resource-based strategy in the development of bitumen in Nigeria.
The Senator said the bill will ensure effective utilisation of over 38 billion reserve of bitumen in Nigeria; and promote economic diversification policy of the Federal Government.
He added thsy that the bill when passed would provide clarity on the regulatory functions of the Bitumen Development Commission of Nigeria in ensuring that bitumen development in the nation conforms with international best practices.
Also, Sen. Adams Oshiomole, APC-Edo, stated that he was not convinced that there should be proliferation of agencies to explore mineral resources in the country.
He noted that the creation of additional agencies would further result in increased overhead cost and ultimately increase cost of governance.
On his own part, Sen. Neda Imasuen, LP-Edo, affirmed that the bill when passed would help in further diversification of the economy and improve foreign exchange earnings for Nigeria.
President of Senate, Godswill Akpabio after the second reading, referred the bill to Committee on Solid Minerals Development for further legislative input and to return back to plenary in four weeks.
