BEVERLY HILLS, March 23, (THEWILL) – The Senate on Tuesday approved the establishment of an agency for the development of solid mineral resources in the country.
The approval followed the debate on a Bill sponsored by Senator Tanko Al-Makura.
The Bill, titled, “A Bill for an Act to establish the Nigerian Mineral Development Corporation to invest and catalyze investments in the mining sector, to promote and support mining sector growth and for all related matters,” seeks to encourage investment and foreign exchange earnings for the country.
Senators who contributed to the debate argued that Nigeria was losing billions of dollars daily to foreign miners taking advantage of the lack of an agency overseeing solid mineral exploration and exploitation of the products.
The Senate agreed that the Bill should pass second reading when the Senate President, Ahmad Lawan, subjected its passage to a voice vote.
He thereafter referred the proposed legislation to the Senate Committee on Solid Minerals for public hearing.
The report is expected for presentation in four weeks time.
