Senate begins public hearing on mineral resources as nation loses $9 billion yearly

Smuggling and illegal mining across the mineral resources endowed States would be the focus of the Senate Committee’s 3-day public hearing set to commence on Monday 13th September, 2021.

The cost of smuggling and illegal mining of gold was put at about $9 billion yearly in Nigeria which the Nigerian Senate expressed concern through a motion.

The public hearing is at the instance of a motion sponsored by the former governor of Abia State and Senator representing Abia North Senatorial District, Orji Uzor Kalu.

Relevant government and regulatory agencies in the sector would be grilled in a public hearing that will be chaired by the Chairman, Senate Committee on Solid Minerals, Mines, Steel Development and Metallurgy, Tanko Al-Makura.

According to a notice signed by Al-Makura, the Committee extended invitations to state governors; Central Bank of Nigeria; ministers of Mines and Steel Development; Finance and Budget; DGs/CEOs of parastatals and agencies under the Ministry of Mines and Steel Development; Executive Secretary of NEITI; Nigeria Labour Congress, Nigeria Immigration, among others.

Senator Kalu who is also the Chief Whip of the Senate had disclosed in the motion that mineral deposits were capable of sustaining Nigeria’s gross earnings, if smuggling and illegal activities were contained in the sector noting that Nigeria loses an estimated $54 billion from 2012 to 2018.

The lawmaker lamented the activities of unlicensed miners and incessant smuggling of the solid minerals out of the country by middlemen given the huge revenue losses, adding that over 250,000 jobs could be generated with over $500 million royalties and taxes paid to the Federal Government.