Senator Natasha's Gold Mining Bill Passes Second Reading

• The Nigerian Senate has passed for a second reading the Nigerian Gold Reserve Bill, sponsored by Senator Natasha Akpoti-Uduaghan
• The bill seeks to enhance Nigeria's position in the global gold market, boost economic stability, and promote sustainable mining practices
• It received strong support from senators who highlighted its potential to drive economic growth, create jobs, and curb illegal mining

The Nigerian Senate has passed the Nigerian Gold Reserve Bill for a second reading, sponsored by Senator Natasha Akpoti-Uduaghan, who represents Kogi Central.

This is a crucial step towards establishing a robust framework for harnessing, exploiting, and marketing Nigeria's gold reserves.

The bill aims to strengthen the country's position in the global gold market, promote sustainable mining practices, and bolster economic stability.

In her lead debate, Senator Natasha emphasised the importance of gold reserves for economic stability, citing that central banks globally increase gold holdings to hedge against currency volatility and geopolitical risks.

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She pointed out the historical strength of the Naira, which was once equivalent to the US Dollar, due to its value being measured against gold.

"A gram of gold is currently approximately $75.70," she noted, highlighting the potential for Nigeria to stabilise its economy by leveraging its gold reserves.

The proposed legislation seeks to establish the Nigeria Gold Authority (NGA), which is tasked with administering the Nigerian Mining Act concerning gold resources, thus creating a robust gold reserve industry.

The NGA would also enhance the exploitation and sale of gold within Nigeria, boosting the engagement and earning power of local artisanal miners while maintaining a strong Gold Reserve Ratio.

This initiative is seen as a bulwark for a resilient economy that can create jobs and stimulate economic growth.

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One of the bill's significant aspects is its aim to diversify Nigeria's reserve base by increasing the gold reserve ratio, currently less than 2% of the total foreign reserve.

By positioning the Central Bank of Nigeria as the ultimate off-taker of all domestically produced gold, the bill seeks to hedge the Naira against depreciation and protect the economy from inflation.

The bill received strong support from senators who recognized its potential to contribute to Nigeria's economic growth and development. Senator Adetokunbo Abiru described the bill as "timely and important," while Senator Adeola Olamilekan commended Senator Akpoti-Uduaghan for addressing illegal gold mining.

Senator Sanni Musa noted the bill's potential to create job opportunities and help end illegal mining. Senator Isah Jibril Echocho praised the initiative for enhancing gold reserves utilization and strengthening the Naira. Senator Adams Oshiomhole suggested including capital punishment for illegal gold mining offenses.

Senator Natasha uncovers idle N500 billion

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Meanwhile, Legit.ng had earlier reported that the ever-active Kogi Central senator had uncovered idle government funds valued at N500 billion.

The lawmaker drew the nation's attention to the significant funds, highlighting the numerous potential accomplishments that could have been achieved if the money had been utilised properly.

She urged the government agency in charge to ensure that the funds reached Nigerians with innovative ideas who know how to create value from money.

Source: Legit.ng