Nigeria Gold Reserves: Senator Natasha's bill scales second reading

Senate on Wednesday at plenary passed for second reading, A Bill For An Act To Make Provisions For Nigeria Gold Reserve Industry Framework, And Other Related Matters.

The bill was sponsored by Senator Natasha Akpoti-Uduaghan (PDP/Kogi Central).

In her lead debate, Senator Natasha said the Nigerian Gold Reserve Bill represents a proactive step towards harnessing and maximising the potential of Nigeria's gold reserves by establishing a robust framework for the harnessing, exploitation, and marketing of gold.

She noted that central banks globally have been increasing reserves held in gold as a hedge against currency volatility and geopolitical risks.

"Gold reserves are critical for the economic stability of a country, acting as a reliable store of value, particularly during financial uncertainties.

"Before the fall of the Naira, that we are now experiencing the negative effects, one Naira was equivalent to one Dollar or even greater at a time. This was because the value of the Naira was measured against Gold.

"By virtue of Section 2 of the Financial Agreement (Decimal Currency) Act (the Act that established the use of the Naira), “the parity of the Naira shall be equivalent to 1.24414 grams of fine gold”. A gram of gold is currently approximately $75.70, this was the strength of the Naira before its fall," she said.

This woman is complete and she knows it. She's everything a modern woman should be

And God bless her for this bill. This bill is more important to Nigeria than the national anthem for those who truly understands the real Nigerian problem at this critical period in our history