HomeBUSINESSBuhari launches 12.5kg bar of gold worth N268 million

Buhari launches 12.5kg bar of gold worth N268 million

President Muhammad Buhari on Thursday did a virtual launch of the Presidential Artisanal Gold Mining Initiative (PAGMI) at the Council Chambers of the State House Abuja. The Central Bank Nigeria (CBN) paid for and received an international standard but locally sourced 12.5kg gold bar (artisanally-mined in Nigeria) worth N268 million for its reserves.

The CBN presented a Cheque for that amount to PAGMI. The gold now belongs to Nigeria’s External Reserves. With PAGMI, CBN will be able to boost gold reserves with Naira, not dollars.

President Buhari said improved gold mining operations in the country will generate no fewer than 250,000 jobs and over $500 million annually in royalties and taxes to the Federal Government.

Share this story
Post Tags
Written by

Signature TV is a multi-media company, owners and operators of signaturetv.org and producers of The Signature Show on AIT and Corruption Tori. Our programmes are broadcast on the AIT Network and on Seven NTA stations across the country. We are content providers for a number of television networks and some State TV stations, with a respected 24/7, high online and offline followership. We are also Communications/Media Consultants to MacArthur Foundation, Ford Foundation and OSIWA.

No comments

Leave a Reply

Daily Updates

Subscribe to get news updates