FG sets up c’ttee to block leakages in mining sector

Towards closing leakages and enhancing revenue generated from the mining sector, the Minister of Mines and Steel Development Arch. Olamilekan Adegbite has inaugurated the Committee on Optimization of Revenue from Mineral Resource sector headed by the Minister of State, Dr Uchechukwu Ogah.

While inaugurating the committee in Abuja yesterday, Adegbite said one of the core mandates given them on assumption of duty by Mr President is to generate employment and improve revenue from the mining sector.

“So far, the mineral sector contributes about one percent to the GDP, and according to the roadmap, we are hoping that by 2025, we can raise this to about 5%. The country has over 44 minerals. If we can harness that, it will increase the revenue base of the country.” Adegbite said.

He added that with the inauguration of the committee, revenue leakages in the sector will be checked.

“There are activities going on in this sector by the artisanal miners which are not recorded. These are not captured in the revenue of government. They account for about 95% of what is mined and exported, so by inaugurating a committee like this, they will look at those avenues of leakages and come up with policies and action plan and look at that,” he said.

In his acceptance speech, the Minister of State, Dr Uchechukwu Ogah said it is indeed a matter of great concern that the solid mineral sector with its great potential is contributing less than 4 billion naira in annual revenue to government.

“Permit me to use this opportunity to warn those that are in the habit of making false declaration of their mineral production or engage in other forms of sharp practices with the intention of evading revenue payment that their days in perpetuating such unpatriotic practices are over.” Ogah said