Fayemi who addressed State House reporters after the cabinet meeting, quoted a report released by the Nigerian Extractive Industry Transparency Initiative.
The minister said the loss is from such illegally exported items as gold, lead, zinc, tin and coal.
He said if Nigeria could stop the spate of illegal activities by Nigerians and their foreign collaborators, the revenue from the sector would significantly improve.
He said the Federal Executive Council approved N987m for the procurement of 50 Hilux vehicles to enable the special mines taskforce to monitor and curb illegal mining activities in all the 36 states of the federation and the Federal Capital Territory.
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