Sen Jimoh Ibrahim 


By Abba Onyekachukwu,  Abuja


Senator Jimoh Ibrahim, representing Ondo South Senatorial District  continues to lead debate the bill for Bitumen Development Commission of Nigeria (Establishment), a bill he sponsored which has passed first reading.


Dailyledger.com.ng reports that the bill was read  for the first time in the chamber of the 10th Senate on July 20,  2023.


Speaking on the importance of the bill on the floor of the Senate Thursday, Sen Ibrahim explained that the Bill, among other reasons seeks to restrict the activities of the Commission to its regulatory and coordinating functions specifically as it relates to the Development of Bitumen in Nigeria, adding that globally, Bitumen and heavy oil resources are estimated to be 5.9 trillion barrels (938 billion m3); more than 80% of the resources, according to him are found in Canada, USA, Venezuela and Nigeria.


 The objectives of the bill, he went on is the need to: develop a legal framework for the regulation of the Bitumen development in Nigeria; prevent unconventional sources from taking advantage of research-enhanced applications over other competitors; lead innovation and resource-based strategy in the development of Bitumen in Nigeria.


Others, according to him were to: ensure effective utilisation of over 38 billion reserve of Bitumen in Nigeria and; promote economic diversification policy of the Federal Government.


According to him, in compliance with Order 76(3) of the Senate Standing Orders, 2023 as amended, a financial compendium showing the financial implication of the bill on the consideration, treasury of the Federal Government is hereto attached for your kind consideration, maintaining that if passed, it will provide clarity on the regulatory functions of the Bitumen Development Commission of  Nigeria in ensuring that Bitumen Development in Nigeria conform with international best practices.