Business
Reps probe loss of over N50tn in mining sector
The House of Representatives has ordered a probe into the loss of over N50 trillion in the mining sector.
Worried by the loss of revenue in the nation’s mining sector, the lower legislative chamber has therefore constituted a committee to carry out proper due diligence check on the operators of the sector.
To this end, the House Tuesday mandated its Committee on Solid Minerals Development to invite all stakeholders involved in the process of mapping, licensing, mining and exportation of solid minerals in order to determine the extent of compliance with the Mining Act, 2007.
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Nigeria currently earns about N31.449 billion annually from the solid mineral sector as against the projected N50tn.
The resolution was sequel to a motion raised by a member, Hon. Lovette Ederin Idisi, who sought an end to what she described as “The Violation of the Mining Act of 2007 by mining companies, individuals and regulatory bodies.”
The lawmakers, who unanimously adopted the motion, mandated the Committee on Solid Minerals Development to establish the number of licensed miners as against the number of unlicensed miners with a view to determine those violating the laws so as to mete out appropriate punishment.
The committee was given four weeks to report back to the House for further legislative action.
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