- The Joint National Assembly Committee on Solid Minerals has rejected the proposed N9 billion capital budget for the mining sector in the 2025 budget, saying it is grossly inadequate
- TheTalk.NG gathers that the Ministery of Solid Minerals Development estimated N531 billion for capital expenditure but was allocated a mere N9 billion
- The committee resolved to suspend budget screenings and invited key ministers to advocate for a substantial upward review to unlock the sector’s full potential
The Joint National Assembly Committee on Solid Minerals has rejected the proposed N9 billion capital budget for the mining sector in the 2025 budget.
Photo credit: Segun TomoriSource: UGCNASS leaders condemn budget reduction”As a House, we will not allow the future of generations to be compromised because of misplaced priorities,” Gbefwi said.Solid minerals development minister Alake reacts”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,” Alake was quoted in the statement released by his media aide, Segun Tomori.Mining sector budget must be reviewed, Akpoti-Uduaghan says
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