The Nigerian House of Representatives has called for effective mining policy that would reduce the revenue loss annually to illegal mining in the country.
This was contained in a motion unanimously adopted on the need to prioritize Gold Mining as one of the major revenue earners to the nation.
Report indicated that Nigeria lost 9billion dollar annually, about 2.8trillion Naira to illegal mining activities.
The amount represents one quarter of the Nigerian annual budget. Besides many lives were lost as a result of the illegal mining activities that ignored environmental protection policy in the country.
Mr. Oghene Egoh, a member from Lagos State, South West Nigeria, sponsor of the motion reveals that official records shows that mining accounts for only 0.3% of Nigeria’s Gross Domestic Products, GDP. This indicates that there were no official records of mining activities in the country.
He said proper Mining Policy will fast track the government’s diversification policy for good.
“Meaning that the Federal Government may not have official records of the amount of minerals deposits in Nigeria which if ascertained, could make the mineral sector one of largest contributors to Government’s revenues through the payment of royalties, employees’ income taxes and corporate taxes,” Mr. Egoh stressed.
Members were unanimous on the need for many large scale gold mining companies, gold mining policies, state of the art geological survey, including map production and maintenance of up-to-date geological records for the country to reap the potential of the gold mining sector.