The Senate has set measures aimed to diversify the economy through Bitumen Development, as the Bill seeking to establish the Bitumen Development Commission passed first reading.
The bill sponsored by Senator Jimoh Ibrahim Representing Ondo South seeks for the establishment of Bitumen Development Commission for official regulation of Bitumen exploration , development and exportation.
Senator Ibrahim explained that the intendment of the proposed legislation was to make Bitumen as alternative revenue spinning product in Nigeria being the second highest deposit in the world after Canada.
He said the proposed commission as projected in the draft bill should be sited in any of the three towns with high deposit of Bitumen in Ondo State which are Ode – Irele, Agbabu and Igbotako.
The bill when considered and passed would also facilitate execution of road infrastructure across the country and create jobs for Nigerians , particularly Geologists whose expertise would be needed in its exploration.
If the proposed legislation scales through in both the Senate and the House of Representatives with attendant establishment of Bitumen Development Commission after presidential assent, would be the first law on exploration development and possibly exportation of Bitumen in Nigeria. FRCN
