The Nigerian Senate, on Thursday, mandated the Bureau of Public Enterprises (BPE) to stop further sales of all mining assets and minerals pending the outcome of the investigation of the activities in the mining sector.
The Senate further urged relevant security agencies to strengthen surveillance on solid mineral resources to avoid further theft.
The red chamber also directed its committee on solid minerals to investigate the immediate and remote causes of the dwindling revenue derivable from solid minerals development in the country.
The committee was further mandated to review the activities of industry players at the policy formulation and execution in the downstream, midstream and upstream operations of the solid minerals sector.
The resolutions of the Senate were sequel to the adoption of a motion seeking a comprehensive review of the ‘Input and Output Values of the Nigerian Mining Industry in Light of its Central Role to Economic Diversification, Foreign Exchange Earnings and Social Inclusion’, sponsored by the chairman of the Standing Committee on Solid Minerals, Senator Osita Ngwu.
Moving the motion, the senator referred to the Nigeria Extractive Industries Transparency Initiative Solid Mineral Industry Report 2020, which indicates that the five-year trend of Solid Minerals Contribution to GDP from 2016 to 2020 has been inconsistent and fluctuating.
