BY LINUS CHIBUIKE
THE Senate has approved the establishment of an agency for the development of solid mineral resources in Nigeria.
The approval, on Tuesday, was sequel to a bill sponsored by Senator Tanko Al-Makura, representing Nasarawa South, seeking to encourage investment and foreign exchange earnings in the mining sector.
The bill is titled, ‘A bill for an Act to establish the Nigerian Mineral Development Corporation to invest and catalyse investments in the mining sector, to promote and support mining sector growth and for all related matters.’
While stressing the need for the speedy passage of the bill, the senators noted that Nigeria was losing billions of dollars daily to foreign miners, owing to the lack of an agency to oversee the exploration and exploitation of solid minerals.
It was agreed that the bill should pass the second reading while Senate President Ahmad Lawan subjected the move to voice vote.
Consequently, the Senate Committee on Solid Minerals was directed to work on the modalities, arrange for a public hearing and report back in four weeks.
Details later…
