The Senate, on Wednesday, passed the Raw Materials Research and Development Council Amendment Bill for third and final reading.

The Senate passed the bill following its consideration of the report of the Committee on Science and Technology, presented by it’s Chairman, Senator Aminu Iya Abbas.

While making the presentation, Abbas said that during the public hearing on the bill, all stakeholders supported the amendment bill.

The apex Assembly noted that when the bill is signed into law, it would add thirty percent value added tax to local raw materials manufacturers in the country.

Resolving to the Committee of the Whole, the Chamber passed the amendment bill to protect raw materials and the development of Nigeria’s local manufacturers and the processing industries.

In his remarks, the President of the Senate, Godswill Akpabio, expressed satisfaction with the passage of the bill, saying that the 30 percent approved for local manufacturing companies would add value to the country’s raw materials ready for export in the country.

He said that it would also generate employment among the unemployed youth in the country and thereby solve the problem of youth restiveness and other vices emanating from unemployment among Nigerian youth.

He also said that the Senate would send the passed bill to the House of Representatives for concurrence, to pave way for final transmission to the President for assent.