Lawmakers at the National Assembly have approved the establishment of an agency for solid mineral resources after passing for second reading a Bill that seeks creation of the agency.
They argued that the need to ensure the development of solid mineral resources in Nigeria necessitated the approval for the creation of the agency.
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” was sponsored by Senator Tanko Al-Makura.
The approval, during the plenary on Tuesday at the Senate, followed debate by lawmakers on the potentials of the agency to encourage investment and foreign exchange earnings for the country.
The parliamentarians who took turns to speak regretted that Nigeria was losing billions of dollars daily to foreign and illegal miners across the country exploiting the loopholes.
However, the senators approved that the Bill read a second time when it was put to voice vote by Senate President, Ahmad Lawan.
Lawan later referred the Bill to the Senate Committee on Solid Minerals for further legislative work and to report back to plenary in four weeks.