***Senate seeks to strengthen Nigeria ‘s status in the global gold market ⁹p

The Senate has approved for second reading, a bill for an Act to make provision for Nigeria Gold Reserve Industry.

The bill sponsored by Senator Natasha Akpoti – Uduaghan ( PDP Kogi Central), seeks for a robust framework for the harnessing , exploitation and marketing of gold which is about 600, 000 tonnes in reserves in the country worth $45billion.

Senator Natasha in her lead debate on the bill said : “The propose legislation presents a significant opportunity to drive economic growth and diversification by creating a conducive environment for investment in the gold sector, that can attract both domestic and foreign investors, stimulate job creation, and boost revenue streams for the government.
“It incorporates stringent regulations to minimize the ecological footprint of gold mining and processing activities.
“By adhering to international best practices in gold mining and trading, the Nigerian Gold Reserve Bill positions Nigeria as a reliable and responsible player in the global gold market which will enhance our competitiveness on the international stage and strengthens investor confidence in our gold industry.
“Specifically , the bill seeks to establish the Nigeria Gold Authority (NGA) that will be charged among other things, with the administration of Nigerian Mining Act with regards to our gold resources”
Virtually all the Senators who contributed to debate on the bill, supported it as required legislation that would unlock the full value of Nigeria’s Gold Reserve for the benefit of all Nigerians.
Senator Solomon Olamilekan Adeola (APC Ogun West) in particular, said the bill when passed into law, would shore up the value of Naira which according to him, could even appreciate tremendously without foreign investment .

***Legislation will bring devt to the region, Says Akpabio

The Senate has passed the Bill seeking to establish South East Development Commission (SEDC), to be charged with the responsibility to receive and manage funds from allocation of the Federation Account for the reconstruction and rehabilitation of roads, houses and other infrastructural damages suffered by the region as a result of the effect of the civil war.

The upper chamber took the decision while considering the bill’s clauses at its Committee of the Whole, chaired by the Senate President, Sen. Godswill Akpabio.

Recall that the House of Representatives on December 21, 2023, at its Committee of the Whole chaired by the Deputy Speaker, Rt. Hon. Benjamin Okezie Kalu, who is also the sponsor of the Bill, unanimously passed it for 3rd reading and sent it to the Senate for concurrence.

The Senate approved the long title of the Bill as recommended, clause 2 as amended, clause 3 to 5 as recommended, clause 6 as amended, clauses 7 to 29 as recommended, interpretation clause 30 as recommended, short title clause 31 as recommended, schedules 1 and explanatory memorandum as recommended.

The Commission, when established, shall among other functions, “conceive, plan and implement, in accordance with the set rules and regulations, projects and programmes for the sustainable development of the South East States in the field of transportation including roads, health, education, employment, agriculture, industrialization, housing and urban development, water supply, electricity and telecommunications; cause the South East States to be surveyed in order to ascertain measures which are necessary to promote its physical and socio-economic development.

“Implement all the measures approved for the development of the South East States by the Federal Government and the member States of the Commission; identify factors inhibiting the development of the South East States and assist the member States in the formulation and implementation of policies to ensure sound and efficient management of the resources of the South East States; assess and report on any project being funded or carried out in the South East States by mineral extracting and mining companies, oil and gas producing companies, and any other company including non-governmental organisations and ensure that funds released for such projects are properly utilized.

Other functions Include, “tackle ecological and environmental problems that arise from the extraction and mining of solid mineral, exploration of oil mineral in the South East States and advise the Federal Government and the member States on the prevention and control of oil spillages, gas flaring and environmental pollution; liaise with the various solid mineral extraction and mining companies and oil and gas prospecting and producing companies on all matters of pollution prevention and control; and execute such other works and perform such other functions which in the opinion of the Commission are required for the sustainable development of the South East States and its peoples.”

In his remarks after the Bills passage, the President of the Senate, Sen. Godswill Akpabio, noted that once the Bill becomes law, it brings development and the region’s fears will be addressed.

Akpabio said, “It’s a very important bill passed by this 10th Senate, this bill addresses all the fears of our brothers and sisters from the South East. I want to say congratulations. I pray this commission will bring a lot of development to South East and we will assist you to stop any form of agitation and bring peace to your region. When harmonized, it will addressed the fears of the south east”.

With the passage at both Chambers, a Conference Committee will be set up to harmonize differences before it will be transmitted to President Bola Ahmed Tinubu for his assent.

The Nigerian Senate on Wednesday passed for a second reading, a bill for an Act to establish the North West Development Commission (NWDC).

The Bill which was passed by the 9th National Assembly but was not assented to by former President Muhammadu Buhari was reintroduced in the 10th Assembly and co-sponsored by Barau Jibrin (Kano North), the Deputy Senate President, and the entire North West Senators.

The bill which was first read on September 26, 2023, and passed a second reading during plenary on Thursday after lawmakers voted in favour of it.

Barau while leading the debate on the Bill titled, “A Bill for an Act to establish the North West Development Commission to catalyze to development of the arrays of the potentials of the North West as well as address the gap in infrastructural development of the region and for related matters, 2024 (SB.90) noted that the bill could not be signed by former President Buhari because it was passed late, at a time when the administration was winding down.
He argued that the North West as a region has contributed immensely to the overall development of Nigeria in terms of Agriculture and other areas of endeavour
yet the region remains hugely underdeveloped.
The lawmaker also noted that the zone has the highest population of people amongst the six geo-political zones in the country, and its youths consist of 70% of the population of the people of the zone.

“What the region requires now from the Federal Government is the support to develop its infrastructure and educate its seeming youths to drive the process of developing the zone in its entirety”, he said.

Barau decried that the infrastructure of the zone has been immensely destroyed by the activities of the Boko Haram Insurgents, armed Bandits and Kidnappers across the region leading to the exodus of investors, businessmen, managers of companies and employees.

“This destruction is having a major impact on the economy of the region as it has led to severe food shortages and unemployment in a region that has traditionally produced cash and food crops across the Sahel. The Federal Government is in the right position to show concern in the face of the plethora of problems and challenges facing this geo-political zone by creating the North West Commission to appropriately address the developmental needs of the zone”, he added.

He explained further that the Commission shall among other things be: formulate policies and guidelines for the development of the North West Zone where security shall prevail; rebuild the road, medical, educational, social, agricultural and other infrastructures destroyed in the region by the activities of Boko-Haram Insurgents and Bandits;

“Conceive, plan and implement, by the set rules and regulations, projects and programmes for the sustainable development of
the North West in the field of roads, education, health facilities, employment, industrialization, agriculture, housing and urban development, water supply, electricity and commerce;

“Identify factors inhibiting the development of the region and assist the member States in the formulation and implementation of policies to ensure sound and efficient management of resources of the North West Zone;

“Tackle ecological and environmental problems that arise from desertification problems and other related environmental challenges in the Zone.

Senate President Godswill Akpabio in his contribution suggested that the funding for the Commission should be borne by the federal government, state government, local government and businesses.

After listening to arguments from lawmakers, Akpabio put the bill to a voice vote, and lawmakers voted in favour.

He then referred the bill to the committee on special duties for further legislative action.