Nigeria Loses N8tn To illegal Mining Every Two Years – Senate

The Senate on Thursday raised the alarm that the nation was losing N8tn every two years, lamenting that this had impacted adversely on the economy.

These resolutions were arrived at following a motion by Senator Duro Faseyi (Ekiti North), which he titled, “Illegal mining of the nation’s solid minerals.”

The politician told the Senate that illegal mining was thriving in Nigeria as a result of weak legislations and poor enforcement, adding that the situation had jeopardised the urgent need to diversify the economy from oil to solid minerals sector.

Faseyi also explained that as a result of the progressive dwindling oil revenue, diversification of the economy had become imperative to shore up the nation’s earnings, boost the economy and create employment opportunities for the unemployed youths.

He also hinted the Red Chamber that illegal mining had resulted in the devastation and pollution of the environment, leading to the death of hundreds of Nigerians as several thousands of others infected with various ailments, especially in the rural areas.

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