The Federal Government has spent about N12.5bn to retrieve gold from artisanal and small-scale miners across the country as part of efforts to formalise the sector and boost Nigeria’s foreign reserves through the National Gold Purchase Programme.
This is according to the detailed spending of the 1.68 per cent development of the Natural Resources Fund account obtained by our correspondent on Sunday.
The initiative is expected to strengthen the value of the naira and reduce dependence on foreign exchange.
“The transfer represents payment of N12.5bn approved by Mr President for expansion of ongoing intervention programmes implemented by the Solid Minerals Development Fund to increase the capacity and efficiency of artisans and small-scale miners to support the National Gold Purchase Programme under SMDF.”
The allocation of N12.5bn by the Federal Government to retrieve gold from artisanal miners represents a tangible step in operationalising the National Gold Purchase Programme and aligns with the minister’s vision of leveraging locally sourced gold to bolster foreign reserves and strengthen the naira.
At the just-concluded Nigeria Mining Week, the Minister of Solid Minerals Development, Dele Alake, confirmed that the government has started an innovative gold acquisition programme that eliminates the need for dollar sourcing.
He also noted that the programme, which began in August, is being driven by the SMDF and is designed to use locally mined gold to boost the country’s foreign reserves, thereby reducing pressure on the naira and the demand for foreign currency.
