Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,143,328 members, 7,780,846 topics. Date: Friday, 29 March 2024 at 12:20 AM

Reps To Investigate Alleged Missing N8trn Mining Revenue - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Reps To Investigate Alleged Missing N8trn Mining Revenue (309 Views)

Ruth Ogunleye: Army To Investigate Alleged Maltreatment Of Female Soldier / How Buhari Spent N8trn On ‘non-existent’ Petrol Subsidies / PDP Reps To Keep Vigilance On NASS To Prevent Saraki’s Impeachment (2) (3) (4)

(1) (Reply) (Go Down)

Reps To Investigate Alleged Missing N8trn Mining Revenue by agwom(m): 8:28am On Jul 20, 2018
The House of Representatives has 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 yesterday by 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, Yakubu Dogara. (NAN)

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)

https://www.dailytrust.com.ng/reps-to-investigate-alleged-missing-n8trn-mining-revenue-261846.html
Re: Reps To Investigate Alleged Missing N8trn Mining Revenue by Bukolar1(f): 8:31am On Jul 20, 2018
hmm.
Re: Reps To Investigate Alleged Missing N8trn Mining Revenue by ClassicMG(m): 8:35am On Jul 20, 2018
Federal government need to handover so many things to the state government to monitor, let each state identity the mineral resources in their state and we all look at how to generate revenue from it. instead of holding on to everything and neglecting so many of them
Re: Reps To Investigate Alleged Missing N8trn Mining Revenue by purem(m): 8:35am On Jul 20, 2018
You just have to accept the fact that the money is been shared and there would no traces of it anymore

8trillion naira, that's money can had another state to the 36 statesin Nigeria
Re: Reps To Investigate Alleged Missing N8trn Mining Revenue by purem(m): 8:38am On Jul 20, 2018
Bukolar1:
hmm.


When I entered this thread that space you occupied was empty, you just stole my space

I was suppose to plant my cucumber their
Re: Reps To Investigate Alleged Missing N8trn Mining Revenue by GavelSlam: 8:42am On Jul 20, 2018
Money does not hide.

If a group of individuals made 50 billion dollars in 2 years it would be quite obvious.
Re: Reps To Investigate Alleged Missing N8trn Mining Revenue by Donald95(m): 8:51am On Jul 20, 2018
8 trillion vanished within 5 years ?? ?? Lawd


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)

This government is good at eye service performance and fake Assurance, We will never here from them on this again just as they used probe to shut down Finance minister NYSC forgery Saga

This report is just a blessing to criminals in government that never knew that such route to steal existed
Re: Reps To Investigate Alleged Missing N8trn Mining Revenue by ZKOSOSO(m): 8:56am On Jul 20, 2018
Fayemi come and confess ya sins o...!

Ekiti Mandate and solid minerals month dey call!

(1) (Reply)

PRESS RELEASE. / Saraki: Presidency Didn't Offered Me Oil Bloc / The Value Of Nigerians In Foreign Land.

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 14
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.