Kunle Kalejaye
Lagos — The Nigeria gold reserve bill has passed the second reading in the senate, a legislation aimed to transform the economic narrative of the country.
The bill sponsored by senator Natasha H Akpoti Uduaghan representing Kogi Central senatorial district was debated upon on Wednesday June 5, 2024 and it passed the second reading.
“On Wednesday the 5th day of June 2024, I had the honour of debating my very first bill, the Nigeria Gold Reserve Bill and with the progressive support of all senators, the Bill passed the second reading,” Natasha said.
When passed into law, the bill will establish the Nigeria Gold Authority; redefine guidelines for exploration, exploitation and incentives for harnessing gold resources; establishment and management of the gold reserve development fund; regulations for artisanal gold miners; host community development; environmental protection and rehabilitation; strengthening roles of Central Bank with the gold reserve management instrument; expansive functions of the ministry of Solid Minerals; offences and punishments; and dispute resolution.
According to Natasha, benefits of the Gold Bill amongst others are economy diversification; foreign investment and revenue generation; job creation; currency stability; infrastructure; development; environmental protection; community development; global competitiveness; regulatory clarity and transparency; and strategic national reserve.
“Next is a public hearing jointly spearheaded by the Committees on Solid Minerals and Banking wherein stakeholders would be chanced to contribute towards developing relevant frameworks of regulations and laws that would ensure our Gold industry is established to profit citizens, communities and our beloved country, Nigeria.
“Lastly, I would appreciate comments as constructive contributions towards the context and content of the Gold Reserve Bill,” she said.
