Exposed: Reps set to probe loss of over N49 trillion in mining sector

Why is Nigeria earning a paltry N31.449 billion annually from the solid mineral sector when it could actually earn as much as N50 trillion?
This is the mystery the House of Representatives resolved to solve as it braces to probe the loss of almost N50 trillion annually in the mining sector.
The House Tuesday mandated its Committee on Solid Minerals Development to Invite all stakeholders involved in the process of mapping, licensing, mining and exportation of solid minerals in order to determine the extent of compliance with the Mining Act, 2007.
The resolution of the House was after the prayers of a motion by a member, Hon. Lovette Ederin Idisi with the title: “Call for an End to the Violation of the Mining Act of 2007 by Mining Companies, Individuals and Regulatory Bodies,” was adopted.
According to the House, the committee should also determine the number of licensed miners against the number of unlicensed miners and the number of prosecutions, if any commenced and convictions secured with regard to the violations of the Act.
The committee will again ascertain the data and value of exploited and exported solid minerals and where they are located, and report back to the House within four (4) weeks, for further legislative action.
Idisi while moving the motion claimed “that illegal mining and exportation of gold and barites are going on in the country in clear violation of section 7 of the Act, which requires any person wishing to export solid minerals to obtain a permit.”
He noted that the Mining Act of 2007 which repealed the Minerals and Mining Act, No. 34 of 1999, prohibits unauthorized exploration/exploitation of solid minerals in the country and vests on the Federal Government, the responsibility of implementing the provisions of the Act by creating an enabling environment for the exploration, exploitation and sustainable development of these resources for the benefit of the Nation.
The lawmaker further said he was “also aware of other solid minerals deposits in many States of the Federation, ranging from 10 million tons of lead and zinc to be found in about eight (8) States; 7.5 million tons of bentonite and barte in Taraba and Bauchi States; limestone deposits in about eight (8) States; coal deposits in Enugu and some other States; wolframite in Kano, manganese in Kebbi, Katsina and Zamfara States; not to talk of Nasarawa States, which alone, has about twenty-nine (29) solid minerals deposits.”
He said that a report of the Nigerian Extractive Industries Transparency Initiative/Central Bank of Nigeria (NEITI/CBN) states “that the total revenue from the solid minerals sector in 2012 amounted to N31.449 billion, whereas the country should be making as much as N50 trillion annually if all the natural resources are properly tapped and where the small, medium and large scale miners have their transactions properly recorded.”
He expressed concern about the huge disparity in the records of the Central Bank of Nigeria (CBN) which put the value of the exported solid minerals at N577,768,456 worth of 9,068,70 tons by 15 companies while the Nigerian Customs Service put its own at N11,496,070, 69 worth of 7,107,099,80 tons by 30 companies:
He deplored the flagrant neglect and breach of the Mining Act of 2007 which he said has made the country to lose trillions of naira “at a time when it is in dire need of funds to build its infrastructure and carry out other responsibilities of governance.”
While citing examples he said that bitumen is one solid mineral which deposits in the country could double that of crude oil, “yet most of the bitumen used in road construction in the country are imported, a scenario which has led to the country losing billions of Naira annually.”
When the Speaker, Hon. Yakubu Dogara called for a vote on the matter, the motion was supported by majority of members at plenary.