Prince Adewole Adebayo, the Social Democratic Party’s presidential candidate in the 2023 election, has expressed grave concerns over the financial impact of illegal mining, stating that the revenue lost far exceeds Nigeria’s entire budget.
Speaking on Channels Television’s Politics Today on Sunday, Adebayo highlighted the extensive illegal mining operations in areas such as Zamfara State’s Bukkuyum and Anka local government areas, which have flourished over the past two decades.
He referenced a 2024 statement by Jonathan Gbefwi, Chairman of the House of Representatives Committee on Solid Minerals, who revealed that illegal mining costs Nigeria an estimated $9 billion annually, with only 3% of royalties from licensed miners making it into government coffers.
Adebayo criticized what he said a lack of significant progress in curbing illegal mining under the current administration.
“The country is hemorrhaging from losses in the solid minerals sector,” he stated. He also demanded transparency on efforts to improve revenue generation from the sector.
“The revenue stolen through illegal mining in states like Zamfara, Osun, Ebonyi, and Nasarawa far exceeds the current national budget,” Adebayo lamented, emphasizing the urgent need for robust measures to address the issue.
