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