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The senate has approved a bill aimed at establishing the bitumen development commission.
The bill successfully passed its third reading after the senate’s committee on solid minerals development presented and reviewed its report.
While delivering the report, Senator Diket Plang representing Plateau Central senatorial district and a committee member, supported the establishment of the commission as proposed by Senator Jimoh Ibrahim representing Ondo south senatorial district, who originally sponsored the bill.
Senator Plang informed the Senate that the committee conducted a public hearing in line with legislative procedures.
He noted that the bill received strong backing from key stakeholders nationwide, with a general agreement that a regulatory body is urgently needed to manage the exploration, extraction, and processing of Nigeria’s bitumen resources estimated at 42 billion tonnes, the second-largest deposit globally.
Senate President, Godswill Akpabio praised Senator Ibrahim and the Committee for initiating what he called a progressive and impactful measure.
He said, “This is a significant step toward diversifying Nigeria’s economy and unlocking the vast potential of our mineral resources.”
The planned bitumen development commission is expected to function as both a regulatory and developmental body, aimed at boosting investment and driving innovation in the bitumen industry, while helping to position Nigeria as a major force in the global bitumen market.
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