– As Lawmakers reject N9bn budget
Mkpoikana Udoma
Port Harcourt — The solid minerals sector achieved a record-breaking N38 billion revenue in 2024, surpassing its projected N11 billion by a significant margin, according to the Minister of Solid Minerals Development, Dr. Dele Alake.
The Minister also highlighted the positive outcomes of the reforms in the sector over the past year, which according to him, have created 45,000 new jobs in the sector, up from 30,000 the previous year.
Alake disclosed the revenue figures during a budget defense session, highlighting that the sector achieved the milestone despite receiving only 18% of its approved 2024 capital budget.
“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 N531 billion for capital expenditure but was allocated a mere N9 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,” Dr. Alake added.
Meanwhile, the Joint National Assembly Committee on Solid Minerals has rejected the proposed N9 billion capital allocation for the mining sector in the 2025 federal budget, declaring it grossly insufficient to support Nigeria’s economic diversification goals.
Rising from a budget defense session,the committee, chaired by Senator Ekong Sampson, described the allocation as a missed opportunity to harness the potential of solid minerals as a sustainable revenue source.
The proposal, which was a drastic reduction from the ministry’s N531 billion capital expenditure request, was labeled a disservice to the sector by the Co-chairman and House Committee Chairman on Solid Minerals, Hon. Gaza Gbefwi.
“This budget allocation compromises the future of generations and undermines the urgent need to diversify Nigeria’s economy. Solid minerals are critical to this process, and failure to invest now will have dire consequences,” Hon. Gbefwi said.
Senator Natasha Akpoti-Uduaghan joined in condemning the allocation, stating that no meaningful progress could be achieved without substantial funding for exploration and geo-data development.
In a unanimous resolution, the committee rejected the proposed budget, suspended further screening of the ministry’s estimates, and summoned the Ministers of Budget and National Planning, and Finance to justify the drastic reduction.
