In its efforts to reduce the level of poverty among it’s citizen’s federal government to provide over 250.000 jobs for the Nigerians. This was disclosed by the President Muhammadu Buhari on Thursday, July 16, when he presided over a virtual meeting where the Presidential Artisanal Gold Mining Development Initiative (PAGMDI) project was launched.
PAGMDI, it will hopefully provide no fewer than 250,000 jobs and over $500m annually in royalties and provide more taxes to the federal government. According to a statement released by Femi Adesina, presidential aide on media and publicity to the president
” the initiative will combat illegal mining activities and present expressed hope for the country in the nearest future.
President Muhammadu Buhari has launched PAGMDI aimed at providing over 250,000 jobs for Nigerians.
‘‘With the implementation of the PAGDMI scheme which will result in the set-up of accredited gold buying centres across key mining areas, artisanal miners and SMEs engaged in mining will be able to capture the value of their work”.
These operations will help in diversifying our revenue base. The sale of gold by artisanal miners and SMEs at accredited centers will help the government in realizing royalties and taxes from the sale of these assets.
‘‘These developments will also help in improving our foreign reserves by enabling the Central Bank of Nigeria to increase the amount of gold in its reserves.
“Meanwhile, the Central Bank of Nigeria (CBN) has paid a total sum of N268.6 million to purchase a 12.5kg gold bar, Nigeria’s first artisanally-mined gold processed and refined according to LBMA standards”.
The gold now belong to our external reserve.