In a bid to generate more revenue in the mining sector in the country, the Federal Government has set up a 14-member committee. This was made known by the Minister of Mines and Steel Development, Olamilekan Adegbite in a statement released by Idowu Jokpeyibo on behalf of the ministry.
The committee is reportedly on the Optimization of Revenue from Mineral Resources Sector to increase the revenue base of the country.
According to The Nation, the committee was set up to exploit the mineral resources in the country. Adegbite said that if all the 44 mineral resources in the country were used to its full potential, it would increase the revenue base of the country.
More details: Adegbite also disclosed that apart from generating revenue, the committee was set up in line with the projections of the president to alleviate 100 million Nigerians out of poverty in the next 10 years. This is through the diversification of the economy from crude oil to solid minerals exploration and exportation.
Speaking further, Adegbite encouraged the committee to be intentional in its approach and ensure that revenue generated from artisanal miners’ activities are recorded while also working out ways to block leakages from illegal mining accruals.
What you should know: The government has been trying to revive the sector in recent times. As published by Nairametrics, Pedro Omontuemhen, a partner at PricewaterhouseCoopers disclosed that in some African countries, the contribution of mining to the GDP hovers around 15-25% but Nigeria’s contribution is less than 1%. This is why the sector has been termed critical to Nigeria, leading as much as 100 million people out of poverty as mentioned earlier.
Despite the host of the mineral resources embedded in Nigeria, the mining sector has been classified as non-performing, hopefully, with the new revival of the sector, Mining will start to play significant roles in the economy.
Just in: Buhari suspends EFCC boss, Ibrahim Magu from office
The suspension follows the investigation of allegations of gross misconduct against him on Monday.
President Muhammadu Buhari has approved the suspension of the acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, from office. The suspension follows the investigation of allegations of gross misconduct against him on Monday.
According to available information, Magu was suspended to allow for probe into allegations against him.
The EFCC boss appeared before a presidential probe panel headed by retired Justice Ayo Salami, who is investigating the allegations against him.
Reps to investigate alleged illegal withdrawal of $1.05 billion from NLNG account
Gbajabiamila mandated the House to conduct a thorough investigation on activities of the dividends account.
The House of Representatives has concluded plans to investigate the alleged illegal withdrawal of $1.05 billion from Nigeria Liquefied Natural Gas (NLNG) account by the Nigeria National Petroleum Corporation (NNPC) without its knowledge and appropriation.
The decision by the lower chamber is on the heels of a unanimous adoption of a motion by the Minority Leader of the House, Ndudi Elumelu, during plenary session on Tuesday, July 7, 2020.
Going down memory lane, Elumelu recalled that the NLNG was incorporated as a limited liability company in 1989 with the aim of producing liquefied natural gas and natural gas liquids for export purposes which began in 1999.
He pointed out that the NLNG is jointly owned by the Federal Government, represented by the NNPC with a shareholding of 49% and Shell Gas with 25.6%, Total LNG Nigeria Ltd with 15% and ENI International with 10.4%.
The Minority leader said, “The dividends from the NLNG are supposed to be paid into the Consolidated Revenue Funds Account of the Federal Government and to be shared among the three tiers of government.’’
Going further in his motion, Elumelu said, “The NNPC who represents the government of Nigeria on the board of the NLNG had unilaterally without the required consultations with states and the mandatory appropriation from the National Assembly illegally tampered with the funds at the NLNG dividends account to the tune of 1.05 billion dollars thereby violating the nation’s appropriation law.
“There was no transparency in this extra-budgetary spending as only the Group Managing Director and the corporation’s Chief Financial Officer had the knowledge of how the 1.05 billion dollars was spent.’’
‘’There are no records showing the audit and recovery of accrued funds from the NLNG by the Office of the Auditor General of the Federation. Hence the need for a thorough investigation of the activities on the NLNG dividends account.”
In his ruling, the Speaker of the House, Femi Gbajabiamila, mandated the House Committee on Public Account to conduct a thorough investigation on activities that had taken place on the dividends account.
Gbajabiamila mandated the committee to invite the management of the NNPC as well as that of the NLNG in the process and report back to the house in four weeks.
COVID-19: We may recommend lockdown to ensure Nigeria’s safety – PTF
PTF on COVID-19 on Monday, Mustapha warned that the deadly virus is still spreading at an alarming rate.
The Secretary to the Federal Government and Chairman of the Presidential Task Force on COVID-19, Boss Mustapha, disclosed yesterday that the PTF will not shy away from the possibility of another lockdown, adding that the PTF will recommend it to the President who will make the final decisions.
While speaking during the national daily briefing by the Presidential Task Force (PTF) on COVID-19 on Monday, Mustapha warned that the deadly virus is still spreading at an alarming rate.
“Therefore, we cannot afford to slow down and we must never compromise. Let us continue to learn from the history of pandemics by avoiding the mistakes of 1918.
“What happened in 1918 was very simple. During the Spanish Flu, it lasted for 2 years and in three waves, and during that period of time, 500 million people were infected, out of which they recorded fatalities of about 50 million persons. But the dangerous phase of the flu was the second phase,” Boss Mustapha said.
He added that the Spanish Flu lasted for 2 years of 1918 came in 3 waves, but the phase the most casualties were recorded was in the second phase. Adding that the impatience of people forced governments to lift lockdowns, and by the time the second wave arrived, millions died.
He acknowledged that the possibility of lockdown would not be popular with Nigerians, however, “but what will happen in the preceding weeks will determine”, citing rising cases in the United States after the holiday weekend and a the newly imposed lockdown in Madagascar despite developing its “herbal cure”.
“I believe as the days and weeks ahead will present, we will not speculate what will happen in the future but we will do everything within our mandate to ensure the safety and protection of the people of Nigeria. If that will recommend a prescription of a lockdown, this task force will not shy away from its responsibilities.”
He added that the recommendations of lockdown would be passed to President Buhari who will decide in the next 2 weeks.
“The PTF urged Nigerians to be vigilant, citing global developments in coronavirus in the past week from China to the United States.
“We urge that vigilance and care should be exhibited by all Nigerians irrespective of status. This virus does not discriminate and the PTF shall keep sustaining its sensitization messaging,” Mustapha stated.