Nigeria loses N50trn annually from untapped natural resources

LAGOS— Federal, states and local governments are losing about N50 trillion annually from untapped resources that abound in the nation’s soil. Nigeria is estimated to be losing about N8 trillion annually from untapped gold.
The estimates are monies that should have accrued to the federation account from royalties, taxes, charges and other fees from companies and individuals operating in the solid mineral sector if the Federal Government had paid enough attention to the development of solid minerals in the country.