The presidential candidate of the Social Democratic Party for the 2023 election, Prince Adewole Adebayo, has raised concerns about the significant losses due to looting and illegal mining activities surpassing the entire national budget. Adebayo brought attention to this issue during an appearance on a recent segment of Channels Television’s Politics Today.
Illegal mining has been a growing problem in Nigeria, particularly in areas like Bukkuyum and Anka in Zamfara State over the past two decades. Reports from July 2024 revealed that the country is losing approximately $9 billion annually to illegal mining, as stated by Jonathan Gbefwi, the Chairman of the House of Representatives Committee on Solid Minerals.
Gbefwi noted that a mere three percent of royalties are being remitted to the government by the limited number of miners who are operating legally in the country. Adebayo echoed similar concerns during his recent statements, emphasizing the severe financial drain and illicit activities within the sector.
He pointed out the ongoing prevalence of illegal mining across various states like Zamfara, Osun, Ebonyi, and Nasarawa, highlighting that the funds lost to these activities far surpass the current national budget. Adebayo also called out for accountability and improvements in revenue generation from solid minerals, urging for stronger efforts to combat illegal mining practices.