Nigeria: Reps to Investigate Alleged Missing N8 Trillion Mining Revenue

The probe, according to the lawmakers, will be carried out by an ad hoc committee looking at irregularities in the nation`s mining sector in the last five years.

The investigation will cover the efforts of the Ministry of Mines and Steel Development in curtailing and tracking the movement of minerals within and outside the country.

The resolution followed a motion by Johnson Agbonayinma (APC-Edo) on the need to diversify from reliance on oil revenue to alternative sources of revenue to cushion the effects of dwindling oil revenue.

In the motion, Mr Agbonayinma described the mining sector as a key driver in national economic development, saying that Nigeria had the fourth largest reserve of bitumen globally.

He added that Nigeria also had the second largest iron ore deposit in Africa, apart from its abundant coal resources.

The lawmaker lamented that the nation`s mining industry was under-utilised, leading to the importation of minerals that could be locally produced.