The Senate yesterday passed a bill seeking to establish the Bitumen Development Commission, marking a significant legislative step towards harnessing the country’s vast bitumen resources.

Its passage followed the presentation and adoption of the report of the Committee on Solid Minerals Development, which conducted a review of the bill.

he report was presented by Diket Plang (APC Plateau) on behalf of the chairman of the committee. The News Agency of Nigeria (NAN) reports that the bill was sponsored by Sen. Jimoh Ibrahim (APC Ondo).

The bill aims to create a dedicated regulatory body that will oversee the exploration, exploitation and management of Nigeria’s estimated 42 billion tonnes of bitumen reserves. Nigeria has the second largest deposit of bitumen in the world, after Canada.

Plang said the committee held a well-attended public hearing where stakeholders from across the mining and energy sectors unanimously supported the passage of the bill.

He said the establishment of the Bitumen Development Commission was widely endorsed as a critical step towards diversifying the economy, reducing dependency on crude oil.