The Joint National Assembly Committee on Solid Minerals has rejected the proposed ₦9 billion capital budget for the mining sector in the 2025 budget.
It said that the allocation falls drastically short of the investment required to position solid minerals as the cornerstone of economic diversification, according to BusinessDay.
Leading the debate during the budget defence session on Friday, Ekong Sampson, chairman of the Joint Senate and House of Representatives Committee on Solid Minerals, expressed the committee’s displeasure with the proposed allocation, noting that without substantial investments in exploration and other critical areas, the potential of solid minerals to drive the transition to green energy would remains in doubt.
In the same vein, Gaza Gbefwi, co-chairman and House Committee chairman on Solid Minerals, condemned the reduction of the proposed ₦531 billion 2025 capital expenditure proposal to ₦9 billion, describing it as a disservice to the sector, which he argued is 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 asserted.
Gbefwi pointed to countries like Botswana, South Africa, and Ghana, which are investing heavily in exploration, and stressed that with Nigeria’s vast reserves of critical minerals, underfunding the mining sector would prevent it from becoming a key revenue driver for the nation.
