FG targets N250bn from Solid Mineral sector

The Federal Government of Nigeria is projecting a revenue of over N250 billion from the solid mineral sector in 2016.

Kayode Fayemi, Minister of Solid Mineral

The projection was made on Friday by the Minister of Mines and Steel Development, Dr. Kayode Fayemi, at his ministry’s budget defence.

He said the ministry was putting measures in place to block revenue leakages and generate more money.

Members of the Senate committee, however, expressed concern over the fall in the revenue of the sector between 2014 and 2015 and queried how the ministry would generate money in the sector.

Responding, the Minister assured the lawmakers that the ministry had put appropriate measures in place to ensure that revenue was not lost.

Some of the senators suggested that the Federal Government should consider establishing a Solid Minerals Development Bank to facilitate access to funding for mining activities.

The Minister further spoke of his proposal for an intervention fund for the sector.

Meanwhile, at the budget defence of the committee on Banking, Insurance and Other Financial Institutions, the committee, which is chaired by Senator Rafiu Adebayo, called for more proactive programmes to fight against the harsh policies of the Nigeria Deposit Insurance Commission.

The committee members also requested for an intervention programme to rescue depositors.

The committees are working to complete their work as quickly as possible, as the National Assembly works to conclude its scrutiny of the 2016 budget proposal.