The Joint Committee of the Senate and House of Representatives on Solid Minerals has rejected the proposed ₦9 billion budget allocation for the Ministry of Solid Minerals Development, citing its inadequacy to support the sector’s ambitious goals.
During a joint session in Abuja, Senator Ekong Sampson, Chairman of the Senate Committee on Solid Minerals, criticized the allocation, emphasizing the need for a significant upward review to align with Nigeria’s economic diversification efforts.
“At a time when the country urgently needs to diversify its economy, the budgetary allocation to the solid minerals sector is grossly insufficient. The current estimates will not support the ambitious roadmap laid out by the Ministry of Solid Minerals Development,” Senator Sampson stated.
He further underscored the importance of investments in exploration, data gathering, and infrastructure to unlock the sector’s full potential.
“Nigeria is richly endowed with abundant mineral resources. However, without bold steps to harness these resources, we will continue to fall short of our economic goals. If we are serious about diversification, this is the sector we must prioritize,” he added.
The committee called on the Federal Government to align funding with the sector’s strategic importance. Senator Sampson described the review as a “national imperative,” warning that insufficient investment could undermine efforts to stabilize and grow the economy.
Lawmakers Demand Urgent Reforms
The Chairman of the House Committee on Solid Minerals Development, Jonathan Gaza Gbefwi, echoed similar concerns, highlighting the risks of inadequate funding.
“The global energy transition is already underway, and Nigeria risks being left behind if we do not act decisively. Solid minerals hold the key to diversifying our economy, yet the current budget allocation does not reflect the urgency of this moment,” he said.
Senator Diket Plang of Plateau Central Senatorial District pointed out discrepancies in the budget, noting a potential typographical error that listed an allocation of ₦9 million instead of ₦900 billion.
“The ministry’s role is to identify and exploit the country’s riches through exploration. Any errors in funding could jeopardize efforts to add value to the economy,” Plang remarked.
Senator Natasha Akpoti of Kogi Central also stressed the global significance of solid minerals in technological advancement and energy transitions. She called for accountability regarding revenues from critical resources like lithium and nickel and updates on the Central Bank of Nigeria’s gold purchases.
“Solid minerals like lithium and nickel are at the core of the global shift towards smart energy solutions. Nigeria must prioritize this sector over oil and gas to remain competitive,” Akpoti emphasized.
Ministry Pushes for Bold Action
The Minister of Solid Minerals Development, Dr. Dele Alake, acknowledged the need for increased funding, stating that the proposed ₦500 billion budget was only a starting point.
“The current budget is far from what is truly required to transform the solid minerals sector. We must take bold steps to capitalize on our vast mineral wealth,” Dr. Alake said.
The joint committee resolved to engage stakeholders and the Federal Government to secure adequate funding for the ministry, ensuring it plays a central role in driving sustainable economic growth and reducing Nigeria’s dependence on oil.
