- President Muhammadu Buhari has launched PAGMDI project aimed at providing over 250,000 jobs for Nigerians
- The initiative will hopefully tackle illegal mining in the country and provide $500 million royalties into federal government's pocket
- Meanwhile, CBN has paid a total sum of N268 million to purchase Nigeria's first artisanally-mined gold
President Muhammadu Buhari on Thursday, July 16, presided over a virtual meeting where the Presidential Artisanal Gold Mining Development Initiative (PAGMDI) project was launched.
PAGMDI, it is understood, will hopefully provide no fewer than 250,000 jobs and over $500m annually in royalties and taxes to the federal government.
According to a statement released by Femi Adesina, presidential aide on media and publicity to the president, the initiative will combat illegal mining activities and present expressed hope for the country in the nearest future.
"This laudable initiative would support efforts at creation of jobs for Nigerians, diversifying the revenue base, and improving foreign exchange reserves.
‘‘With the implementation of the PAGDMI scheme which will result in the set-up of accredited gold buying centres across key mining areas, artisanal miners and SMEs engaged in mining will be able to capture the value of their work.
‘‘These operations will help in diversifying our revenue base. The sale of gold by artisanal miners and SMEs at accredited centers will help the government in realizing royalties and taxes from the sale of these assets.
‘‘These developments will also help in improving our foreign reserves by enabling the Central Bank of Nigeria to increase the amount of gold in its reserves."
Meanwhile, the Central Bank of Nigeria (CBN) has paid a total sum of N268.6 million to purchase a 12.5kg gold bar, Nigeria’s first artisanally-mined gold processed and refined according to LBMA standards. The gold now belongs to our external reserves.
Earlier, Legit.ng reported that Yamah Mohammed Musa, President Buhari's ambassadorial nominee from Edo state, hit the Senate's red spot after boasting about his achievement towards the emergence of the All Progressive Congress (APC).
Musa, who was one of the 41 non-career and one career ambassadorial nominees whose names were sent to the Senate for screening, was Wednesday, July 15, asked to speak on his achievement in APC.
Senator Adamu Muhammad Bulkachuwa, chairman of the Senate committee on foreign affairs, had asked the nominee to mention why he deserved the Senate's vote of confidence.
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