The Senate on Wednesday passed a bill to establish the Bitumen Development Commission, aimed at regulating and harnessing Nigeria’s vast bitumen deposits.

The bill, sponsored by Senator Jimoh Ibrahim (Ondo South), was passed after it was read for the third time and considered by the Senate Committee on Solid Minerals Development.

Presenting the committee’s report, Senator Diket Plang (Plateau Central) said the commission is necessary to unlock the economic potential of Nigeria’s estimated 42 billion tonnes of bitumen reserves. He noted that the mineral, found largely in Ogun, Ondo, and Edo states within the Dahomey Basin, ranks as the second-largest deposit globally.

Plang said despite the viability of the resource, there is currently no legal framework in place to regulate its development, exploration, and exploitation. He added that bitumen, a major component in asphalt and other industrial uses, should be prioritised for both domestic consumption and export.

Senator Mohammed Tahir Monguno (Borno Central) backed the bill, saying it aligns with the federal government’s economic diversification agenda under the Renewed Hope initiative. He said the legislation would boost national revenue and trigger broad economic benefits.

Senate President Godswill Akpabio described the bill as a development-driven initiative that marks a significant step toward diversifying the country’s economy and unlocking the value of its mineral resources.

The proposed commission is expected to serve as a regulatory and development body to attract investment and position Nigeria as a global leader in bitumen production.