Friday, November 24,2017
With over $9 billion potential revenue lost yearly to illegal mining between 2014 and 2015, the Federal Government has commenced moves to adequately regulate and supervise the sector.
Towards this objective, the Federal Executive Council (FEC) on Wednesday approved the release of N987 million for the purchase of 50 Toyota Hilux vehicles at the costs of over N19 million each.
The Minister of Mines and Steel Development, Dr. Kayode Fayemi, revealed this to State House correspondents at the end of the FEC meeting presided over by President Muhammadu Buhari.
The meeting was held at the Conference Room of the Office of the First Lady away from the usual venue, the Council Chambers of the Presidential Villa, Abuja.
Fayemi said the $9 billionn loss in the sector was contained in a recent report prepared by the Nigeria Extractive Industry Transparency Initiative.
He explained that the loss was recorded mainly from the illegal export of gold, lead, tin and coal.
He said the vehicles would be used for monitoring and curbing illegal mining in the 36 states and Abuja.
“The approval was sequel to the realisation that the deployment of one vehicle per state could not make significant impact in monitoring illegal mining,” Fayemi said.
According to him, the council also approved the constitution of Special Mining Surveillance Task Force with the mandate to monitor and curb illegal mining across the country.