Senate Vice President Ovi Omo-Agege accused the Central Bank of Nigeria of conducting an unconstitutional deal last Wednesday after the state of Zamfara sold the gold bar to the country’s leading bank. It turned out that gold was sold to CBN for 5 billion N.
Senate Vice President Ovi Omo-Agege and the young Aijau have launched a deal that allows the state to sell mineral resources to the federal government, which they believe is the constitutional owner. Omo-Agege described the sale as a violation of the country’s mineral development laws.
Young people under the auspices of the Ijau Youth Council (IYC) have accused the federal government of double standards and injustice. The Senate Vice President is skipping the deal as he debates the Appropriations Act 2021 at yesterday’s Senate Plenary. He told his colleagues that his constituents and others in the Niger Delta are concerned about development, as all oil revenues in their territory go exclusively to the Federation.
The senator insisted that the proceeds from the sale be transferred to the account of the federation rather than credited to the account of the Zamfara state government. Omo-Agege said:
“There is also something that worries our people, and I think I should bring here too.” It is clear that only two sources of budget financing are identified in the budget – these are mainly oil revenues and loans, both local and foreign. “But we also have other sources or potential sources of income that are not being considered.” We often talk about losses (in the system), but why even losses when we can go straight to the solid minerals sector? “Not long ago, we saw the Governor of Zamfara state before the CBN to hand over a gold bar worth about NN 5 billion.
“Gold bar is for sale at CBN. Our people are starting to wonder who owns this CBN gold. “They don’t sell oil in any of the states in the Niger Delta. I wonder why the state governor should sell gold bars from Zamfara CBN? “There are two problems here. We believe that any income that should be generated from this transaction belongs to the entire country and does not belong to the state government.
This is number one and we really need to study this. This is the direction that we really need to develop. “There could be a lot of income from there that will bear the burden of this international loan.” In Port Harcourt, the IYC accused the federal government of injustice by allowing artisanal gold mining in the north, especially in Zamafara state, and banning similar practices for crude oil in the Niger Delta. In a statement, IYC President Timothy Igbeefa noted that in the north, where gold and gems are found, locals and indigenous people have been mining them unhindered to get rich.
The statement reads, in part: “But in the Niger Delta, it is illegal to engage in artisanal exploration for vast hydrocarbon deposits in their area. If you say these are double standards, applying two different sets of rules in the same country would be an understatement. “This is the pinnacle of injustice that people in the Niger Delta have been forced to live with since 1914. Several attempts were made to reconsider the conditions in which our further existence was indivisible, but they were unsuccessful. “