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FG, states losing out on mining revenue

By on September 11, 2017

The African Centre for Leadership, Strategy & Development (Centre LSD) has said the Federal and 36 State governments are losing huge revenue in the mining sector due to their inability to check illegal miners.

The Centre LSD’s Programme Director, Monday Osasah, who disclosed this in Abuja at the unveiling of the Research Report on Solid Minerals Mining, said the government had also failed to monitor the quantity of solid minerals that foreign miners were taking out of the country on a daily basis.

“The Federal, state and local governments and communities lost revenues from the non-disclosure and non-declaration of additional minerals discovered during exploration and exploitation”, he said.

The programme director said the mining national regulations were not being observed or they were deliberately made not to work in favour of some interests in the industry.

He also said there was either lack of capacity or deliberate refusal of those in government to track the operations of the sellers and buyers of Nigeria’s solid minerals, adding that this provides the avenue for loss of revenue.

“There is weak synergy between the various government agencies in the solid mineral mining sector particularly the supervising ministry towards achieving good governance in the sector. There hasn’t been prosecution of any company under section 131 which criminalises illegal mining, false and misleading statements, false or non-declaration and smuggling of minerals”, he said.

According to him, the sector will play a crucial role in the national economy when regulations are redesigned to give level of participation and control to the states.

 

[Daily Trust]