The House of Representatives has resolved to investigate the loss of over $50 billion (N8 trillion) in gold revenue tax from 2013 to date.
The loss of $50 billion from gold revenue was essentially attributed to illegal mining and exportation of unprocessed gold from Nigeria.
Moving the motion titled: “Urgent need to investigate over 50 billion Dollars (N8 trillion) loss in gold tax revenue and illegal mining in the last five years” at the plenary, Hon. Ehiozuwa Agbonayinma, who represents Egor/Ikpobaokha Federal Constituency of Edo State who also sponsored it told the House that the country is being fleeced by some elements who are working against its progress.
He also recalled some reports from the Nigeria Extractive Industries Transparency Initiative (NEITI) which indicated that in 2014 and 2015, Nigeria lost about $9 billion to illegal mining operations and gold exportation.