The Senate has called on the Federal Government to ensure adequate protection for local miners as the government raked in N20 billion from the mining sector as at end of September.
The Chairman of the Senate Committee on Solid Minerals Development, Senator Ekong Sampson made the call in Abuja on Tuesday when he led members of the committee on an oversight visit to the Ministry of Solid Minerals Development and some of its agencies.
Senator Sampson said a well articulated and favourable policy would drive and sustain the businesses of local miners in the country.
The committee decried the recent increase in mining rates by the federal government and its potential to stifle local mining investments.
Sampson said, โWhat you need to know is that there is going to be a review of policy. We are exploring trajectories to ramp up revenue for the government. Through proper consultations and collaboration, we need to firm up the economy.
โSo we are committed to working together and the important thing is that this sector needs attention and having a very committed Nigerian as minister, working closely with the National Assembly, better days are ahead.โ
โThis sector is crucial to our economy, and we are impressed by the improved revenue profile.โ
The committee chairman lauded the Ministryโs achievements, particularly the improvement in its revenue generating capacity.
He assured the Ministry of support in its efforts to maximise the sectorโs potential through workable partnership.
The lawmakers highlighted the need for a robust legal framework to curb illegal mining in the country, saying illegal operators not only undermine revenue but also disrupt oversight functions.
Responding, the Minister of Solid Mineral Development, Dele Alake, said the ministry had recorded over N17 billion revenue this year alone.
He added that the ministry was able to secure a N2.7 billion forfeiture from illegal mining operations in different parts of the country.
The Minister welcomed offers of collaboration from the Senate committee to sanitise the sector and emplace policies that would help generate more revenue for the federal government.