by Kingseyi Fri Jul 20, 2018 3:45 amABUJA —House of Representatives, yesterday
resolved to investigate the loss of over $50
billion (N8 trillion) in gold revenue tax from
2013 to 2018.
The House also urged the Nigerian Civil
Aviation Authority, NCAA, to routinely subject
members of crew and pilots of the airlines
operating in Nigeria to various tests before and
after flights to determine their fitness or
otherwise to fly.
This came as the House passed to second
reading a bill for an act to upgrade the Federal
College of Education, Omoku, Rivers State to a
university.
The loss of $50 billion from gold revenue was
essentially attributed to illegal mining and
exportation of unprocessed gold from Nigeria.
Moving the motion titled: “Urgent need to
investigate over 50 billion Dollars (8 trillion
Naira) loss in gold tax revenue and illegal
mining in the last five years” at the plenary,
Hon. Ehiozuwa Agbonayinma, who represents
Egor/Ikpobaokha Federal Constituency of Edo
State who also sponsored it told the House that
the country was being fleeced by some
elements who were working against its
progress.
He also recalled some reports from the Nigeria
Extractive Industries Transparency Initiative
(NEITI) which indicated that in 2014 and 2015,
Nigeria lost about $9 billion to illegal mining
operations and gold exportation.
He said among others, “The House notes the
need to diversify from reliance on crude oil to
alternative sources of revenue to cushion the
effects of the nation’s dwindling oil revenue;
Also notes that the mining sector is a key driver
in National Economic Development as Nigeria
has the fourth largest reserve of bitumen in the
world and the second largest Iron ore deposits
in Africa, as well as abundant coal resources.
Also Worried at the current average price of
$1,200 per ounce of gold in the international
market, which amounts to an unaccounted sum
of $4,232,400 per day and $1,544,826,000
per annum, considering that one kilogram is
equal to 35.27 ounces, going by international
rates”.
Adopting the motion, the House referred it to the
Ad-hoc Committee already investigating federal
government recovered funds and assets, to
investigate the revenue leakages in the mining
sector and the illegal mining of the country’s
mineral resources in the last 5 years.
The Committee will also probe the activities of
the Ministry of Mines and Steel Development in
curtailing and tracking all mineral movement
within and outside Nigeria.
It was given 6 weeks to conclude the
assignment and report back to the House for
further Legislative action.
resolved to investigate the loss of over $50
billion (N8 trillion) in gold revenue tax from
2013 to 2018.
The House also urged the Nigerian Civil
Aviation Authority, NCAA, to routinely subject
members of crew and pilots of the airlines
operating in Nigeria to various tests before and
after flights to determine their fitness or
otherwise to fly.
This came as the House passed to second
reading a bill for an act to upgrade the Federal
College of Education, Omoku, Rivers State to a
university.
The loss of $50 billion from gold revenue was
essentially attributed to illegal mining and
exportation of unprocessed gold from Nigeria.
Moving the motion titled: “Urgent need to
investigate over 50 billion Dollars (8 trillion
Naira) loss in gold tax revenue and illegal
mining in the last five years” at the plenary,
Hon. Ehiozuwa Agbonayinma, who represents
Egor/Ikpobaokha Federal Constituency of Edo
State who also sponsored it told the House that
the country was being fleeced by some
elements who were working against its
progress.
He also recalled some reports from the Nigeria
Extractive Industries Transparency Initiative
(NEITI) which indicated that in 2014 and 2015,
Nigeria lost about $9 billion to illegal mining
operations and gold exportation.
He said among others, “The House notes the
need to diversify from reliance on crude oil to
alternative sources of revenue to cushion the
effects of the nation’s dwindling oil revenue;
Also notes that the mining sector is a key driver
in National Economic Development as Nigeria
has the fourth largest reserve of bitumen in the
world and the second largest Iron ore deposits
in Africa, as well as abundant coal resources.
Also Worried at the current average price of
$1,200 per ounce of gold in the international
market, which amounts to an unaccounted sum
of $4,232,400 per day and $1,544,826,000
per annum, considering that one kilogram is
equal to 35.27 ounces, going by international
rates”.
Adopting the motion, the House referred it to the
Ad-hoc Committee already investigating federal
government recovered funds and assets, to
investigate the revenue leakages in the mining
sector and the illegal mining of the country’s
mineral resources in the last 5 years.
The Committee will also probe the activities of
the Ministry of Mines and Steel Development in
curtailing and tracking all mineral movement
within and outside Nigeria.
It was given 6 weeks to conclude the
assignment and report back to the House for
further Legislative action.
