A report on the frequent raiding of the Solid Minerals Development Fund reflects a serial pattern of corruption and misuse of special funds by successive Nigerian governments. Between 2013 and 2014, N159.6 billion was contributed to the fund, with outstanding balance at N350 billion. With Nigeria tottering under the burden of local and foreign debts, a vibrant mining sector is invaluable to unyoke the nation from the need for ruinous loans and joblessness. The full potential of the Presidential Artisanal Gold Mining Development Initiative could be helpful in achieving this. In the past, the Petroleum Trust Development Fund and the Ecological Fund were similarly serially raided with impunity with no consequences for the culprits.

Source: Punch January 31, 2022 03:49 UTC