THE CABLE
The house of representatives committee on solid minerals development says Nigeria loses $9 billion annually to illegal mining.
Jonathan Gbefwi, chairman of the committee, spoke on Monday at a public hearing organised to investigate illegal mining in the solid mineral sector.
The lawmaker said illegal mining poses “substantial risks” to the nation’s economy, environment, and security.
“The unregulated exploitation of our natural resources jeopardises the sustainability of the mineral sector, leading to environmental degradation and revenue loss that could otherwise benefit our communities and nation as a whole,” he said.
“It is imperative that we take as a matter of urgency, decisive steps and necessary action to address this issue and ensure that our solid mineral sector operates within the framework of the law, protecting our natural resources for future generations.
“Furthermore, as representatives of the people, the parliament is deeply worried about the loss of revenue through unregulated and illicit mining operations with the federal government disclosing that unlawful mining costs the country $9bn each year with the only money coming from a 3 percent royalty paid by the few licensed miners.
“This development, as you all know, hampers the country’s ability to maximize the benefits from its mineral resources.”
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