The House of Representatives on Thursday, resolved to investigate alleged loss of N8 trillion from leakages and illegal mining of gold and other solid mineral resources in the country.
The probe, according to the lawmakers, will be carried out by an ad hoc committee looking at irregularities in the nation’s mining sector in the last five years.
The investigation will cover the efforts of the Ministry of Mines and Steel Development in curtailing and tracking the movement of minerals within and outside the country.
The resolution followed a motion by Rep. Johnson Agbonayinma (APC-Edo) on the need to diversify from reliance on oil revenue to alternative sources of revenue to cushion the effects of dwindling oil revenue.
In the motion, Agbonayinma described the mining sector as a key driver in national economic development, saying that Nigeria had the fourth largest reserve of bitumen globally.
He added that Nigeria also had the second largest iron ore deposit in Africa, apart from its abundant coal resources.
The lawmaker lamented that the nation’s mining industry was under-utilized, leading to the importation of minerals that could be locally produced.
According to him, reports by Signal One International, a United States-based firm in 2016, the nation lost 50 billion dollars in gold revenue tax over the last two years through illegal mining and exports of unprocessed gold.
He added that the former Minister of Mines and Steel Development, Dr Kayode Fayemi, identified inadequate tracking as the key challenge to effectively monitor revenue leakages in the sector.
Agbonayinma expressed worry that reports from the “Nigeria Extractive Industries Transparency Initiative (NEITI) indicated that between 2014 and 2015, the country lost an estimated nine billion dollars to illegal mining operations and gold exports.”
The motion was unanimously adopted by members when it was put to a voice vote by the Speaker, Mr Yakubu Dogara.
The ad hoc committee currently investigating financial leakages in the country will also look into the allegations and report back in six weeks for further legislative action. (NAN)
Why Efficient Broadband Network Is Important – Danbatta
The executive vice chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta has said building a robust broadband network...
NCC Restates Importance Of Teleco
The Nigerian Communications Commission (NCC) has said the need for protection of telecommunication infrastructure is because it is critical in...
Why We Instituted Research Grant Project – NCC
The executive vice chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta has said his management instituted the research...
Leave Stage For Nigerian Youths, Okeke Urges Older Politicians
Ageing Nigerian politicians have been charged to the political space for the younger generation. The appeal was made by the...
I’ve Left Issues In 8th Senate Behind Me – Omo-Agege
Deputy Senate President, Senator Ovie Omo-Agege (APC Delta Central) ,yesterday stated that he has left the issues and treatment meted...
Kogi Guber: Group Rallies Support For Ogah
A Coalition of All Progressives Congress (APC) youths under the aegis of Coalition For Better Kogi State yesterday declared support...
Gbajabiamila Inaugurates Reps Ad-hoc Committees
The Speaker of the House of Representatives, Femi Gbajabiamila, yesterday performed the swearing-in of three adhoc committees set up by...
POLITICS12 hours ago
APC Kicks As Bauchi Govt Suspends Inauguration Of 9th Assembly
NEWS22 hours ago
SGF: Coalition Considers Appeal By Ohanaeze Ndigbo As An Assault On The People Of North-Central Zone
BUSINESS24 hours ago
FG Constructed 1200km Of Roads In 3 Years
POLITICS24 hours ago
I‘m Under Pressure Over Political Appointments – Gov Sule
NEWS16 hours ago
1 Killed, 6 Vehicles Destroyed As Kona, Fulani Clash.
NEWS9 hours ago
Taraba Govt Deny Imposing Curfew On Jalingo.
NEWS15 hours ago
Windstorm Destroys Over 1000 Houses In Zamfara LGA
AFRICA10 hours ago
Former Egyptian President Morsi Dies In Court During Sitting