NASS Rejects 2025 Budget For Ministry Of Solid Minerals

The 2025 budget for the Ministry of Solid Minerals was rejected by the Joint National Assembly Committee on Friday.

Naija News that the Joint Committee said the proposed ₦9 billion capital budget for the mining sector in the 2025 budget was too poor.

They stated that the allocation was drastically short of the investment required to position solid minerals as the cornerstone of economic diversification.

The Ministry had proposed a capital budget expenditure of ₦531 billion, but it was cut down to ₦9 billion.

The Chairman of the Joint Senate and House of Representatives Committee on Solid Minerals, Senator Ekong Sampson, expressed the committee’s displeasure with the proposed allocation.

Sampson stressed that without substantial investments in exploration and other critical areas, the potential of solid minerals to drive the transition to green energy would remain unrealized.

In the same vein, the Co-chairman and House Committee Chairman on Solid Minerals, Gaza Gbefwi condemned the reduction of the proposed ₦531 billion 2025 capital expenditure proposal to N9 billion.

He described the reduction as a disservice to the sector. He highlighted that the solid mineral sector was crucial for generating revenue beyond oil.

“As a House, we will not allow the future of generations to be compromised because of misplaced priorities. We, as elected representatives, understand the urgent need to diversify our economy, and no sector holds more promise in this regard than solid minerals. If we miss this opportunity to invest today, future generations will not forgive us,” Gbefwi said.

In his remarks, the Minister of Solid Minerals Development, Dele Alake, said his ministry has performed efficiently in line with President Bola Tinubu’s policy of diversification of the economy.

He highlighted attracting foreign investors and surpassing projected revenue for the ministry as an achievement of his administration.

Alake decried the reduction, stating it was unacceptable. He sought the Committee’s help in reviewing the budget for the ministry.

“We have not only succeeded in attracting global attention to Nigeria’s mining sector, but we have also seen an increase in revenue, despite receiving only 18% of our 2024 capital budget. In our budget proposals for 2025, we estimated over ₦531 billion for capital expenditure but was allocated a mere ₦9 billion.

“This is unacceptable, as it will hinder any significant investment in exploration, which is crucial for generating the geo-data that will attract major players. We seek the support of the National Assembly for a radical upward review of the budget,” he stated.

In a unanimous voice vote, Chairman of the Joint Committee, Sampson, announced the committee’s resolution to reject the proposed 2025 budgetary estimates, suspend further screening of the ministry’s budget, and invite the Ministers of Budget and National Planning, as well as Finance, to make a case for an upward review of the mining sector’s budget allocation to ensure the nation fully maximizes the potential of its mineral resources.