.Call for engagement of professionals to address revenue problem

The President of the Nigerian Mining and Geosciences Society {NMGS} and don at the Geology Department, University of Ibadan, Professor Akinade Olatunji; an Executive Commissioner of the Nigerian Upstream Petroleum Commission {NUPRC}, Rose Ndong; a Professor of Geology and Head of Geophysics, University of Lagos, Prof. Abiodun Mary Odukoya and other mining professionals, on Friday, called on President Bola Tinubu to ban the exportation of raw mineral and natural resources in order to address the revenue problem of the Federal Government.

The professionals and dons, who were speaking on the alarm raised by the Debt Management Office {DMO} on the humongous amount of debt stock and revenue shortfall, argued that if the nation’s raw mineral resources are processed in Nigeria, it would generate ganagatum revenue for the government.

They spoke at the press conference organized by the NMGS, heralding the installation of Prof. Olatunji as the 32nd President of the society held on Saturday, June 24, 2023 at Citron Hotels, Onireke, Ibadan, the Oyo State capital.

The professionals and experts also urged the federal government to engage professionals in the field of mining into the Nigeria Customs Service to man the nation’s borders to prevent the exportation of raw minerals, maintaining that this step would increase Nigeria’s revenue profile and reduce debt stock.

Prof. Olatunji, who also urged the Tinubu administration to consult NMGS, said:’’ There are too many leaks. To get enough revenue, the federal government must block the leakages. We have a lot of natural resources which are very expensive and valuable. But they are just exporting them raw at a cheaper rate. The exportation of raw minerals must be banned. We will gain appropriate revenue if we ban illegal exportation and exportation of raw minerals. All minerals must be processed here before exporting them. No mineral should leave this country without processing. If we process them here, we are creating more jobs’’.

While toeing the same line with NMGS President, Prof. Odukoya of the University of Lagos, said: ‘’The Nigerian government has been looking for ways to diversify the economy and the mineral sector is a very good sector. To get enough revenue, our minerals should be processed before exportation. By exporting minerals raw, we are enriching other nations and cutting out jobs from the country. There must be value addition so that we can be richer. Foreign investors should be encouraged in the sector’’.

Ndong, who is the Vice President of NMGS, said:’’ When we export raw minerals, the country we take them to, gains more. If you want to export, export the processed minerals to generate revenue, jobs, build capacity and earn more’’.