Hon. Jonathan Gaza, Chairman of the House of Representatives Committee on Solid Minerals, revealed that Nigeria loses about $9 billion annually due to illegal mining.
During an investigative hearing in Abuja, he highlighted the issue of under-reporting by licensed operators and the misuse of financial interventions in the solid minerals sector.
The hearing also discussed amending the Nigeria Minerals and Mining Act and establishing the Nigeria Solid Minerals Development Company. Gaza noted that only 3% of royalties are paid by licensed miners, while 80% of mining in the North West is illegal, fueling community violence and harming the economy.
The committee aims to improve regulation and revenue generation in the sector. Co-chairman Hon. Balele Aminu and Speaker Rt. Hon. Tajudeen Abbas stressed the need for collective action to tackle illegal mining and its negative impacts on the nation's economy and communities.
