The Nigerian Senate has launched an investigation into the dwindling revenue from the development of solid minerals in the country.
This decision was triggered by a motion put forward by Senator Osita Ngwu from Enugu West.
The Senate, Parallel Facts gathered, tasked its Committee on Solid Minerals to conduct an exhaustive review of the sector’s activities.
The committee’s mandate includes scrutinising the Bureau of Public Enterprises (BPE) privatisation or commercialisation programmes pertaining to all mining and mineral resources from 1999 till date.
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Also, the Senate is keen to determine the extent and impact of illegal mining activities, as well as gauge the level of complicity of both local and expatriate industry players.
It further urged all relevant security agencies to enhance their monitoring efforts to prevent further illicit exploitation of the nation’s solid minerals.
The committee has been given a timeline of three weeks to report back on its findings.
This initiative, financial analysts believe, will serve as a step towards tackling the challenges plaguing the solid minerals sector and augment its contribution to Nigeria’s economy.