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Home Government Mining: Senate Okays Improve Funding for Solid Minerals
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Mining: Senate Okays Improve Funding for Solid Minerals

By
Timothy Akpoili
-
November 10, 2020
Senate President Ahmed Lawan
Senate President Ahmed Lawan

Mining: Senate Okays Improve Funding for Solid Minerals

The Senate Committee on Solid Minerals, Mines, Steel Development and Metallurgy has expressed readiness to ensure appropriation of adequate fund for the Solid Minerals and Metals Sector in the drive toward diversification of the economy.

Speaking when the Minister of Mines and Steel Development, Arc. Olamilekan Adegbite, appeared before the Committee on Monday, November 9, 2020 for the 2021 Budget defense, the Vice Chairman of the Committee, Senator Adelere Adeyemi Oriolowo, who chaired the meeting, and other members of the Committee expressed the need for adequate funding, saying that the sector has the potential to diversify the economy through revenue generation, wealth creation and employment.

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Senator Oriolowo asked the Minister to make available to the Committee all relevant documents or information that would enable them to make informed decision on the need for increased budgetary allocation for the sector.

Also the Committee urged the Ministry to step-up action towards curbing illegal mining and smuggling of minerals out of the country. They noted that a lot of revenue due to government is being lost to the activities of the illegal miners.

Earlier, the Minister briefed the Committee on efforts being made to facilitate industrial minerals development that promotes self-sufficiency, as well as development of the entire gold value chain aimed at increased foreign exchange earnings.

He however, pointed out that inadequate fund is one of the major challenges, saying that to attract big investors to the sector, there is need to invest heavily in Geoscience data generation, and that it is bankable data that would attract major investors that pay better taxes or royalties.

The Minister told the Committee that the Ministry’s Budget proposal for year 2021 is N22, 058,222,139, of which, N10, 188,565,772 is for Capital.

Timothy Akpoil

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Kano Govt Receives Report on Commissioner's Alleged Role in Drug Baron's BailRivers Police Arrest Suspects in Lawyer's Murder, Recover WeaponsPolice Eliminate 8 Terrorists in Zamfara as Bandits Abduct 5 Residents, Rustle CattleTroops Intercept Illicit Logistics Bound for Cameroon, Uncovers, Destroys 14 IEDs in BornoWe are Here to Fix The Voice of Nigeria as A True Instrument of National Power – DG VONWhy Investments in Local Sugar Production is Profitable Now - NSDC BossKwankwaso, Northern Nigeria and the Politics of MarginalisationKemi Oomoale Badenough: A Liar By no Other Name by Chief Femi Fani-KayodePRNigeria Fellowship: A Model for NIPSS KuruPeter Obi Reaffirms One-Term Presidential Vow, Says “My Word Is My Bond”PSC Denies Police Recruitment, Warns Against Fraudulent Online ClaimsProf Pate donates 20 Laptop Computers to UNIMAIDAfrica’s Economic Ties Deepen as Nigeria, Benin Sign Joint Trade PlanTroops Raid Bandits Camps, Eliminate 1, Recover MotorcyclesNNPCL Controversy: Arewa Economic Forum Raises Alarm as EFCC, DSS Refute Claims
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