The Joint Committee of the Senate and House on Solid Minerals has rejected the proposed ₦9 billion budget for the Ministry of Solid Minerals Development, calling for a substantial upward review to align with Nigeria’s economic diversification goals.
At a joint session on Friday in Abuja, Senator Ekong Sampson, Chairman of the Senate Committee on Solid Minerals, criticized the allocation as grossly inadequate. “At a time when the country is grappling with the urgent need to diversify the 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,” he stated.
Increased Investment as a National Imperative
Senator Sampson emphasized the strategic importance of the sector, urging bold investments in exploration, data gathering, and infrastructure. “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.
Similarly, Hon. Jonathan Gaza Gbefwi, Chairman of the House Committee on Solid Minerals, highlighted the risks of insufficient 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 argued.
Concerns Over Budget Discrepancies
Senator Diket Plang raised concerns about possible discrepancies in the ministry’s budget, pointing to an allocation listed as ₦9 million that might have been intended as ₦900 billion. “The function of the ministry is to identify and exploit the country’s riches through exploration. Any error in this process could jeopardize the critical work of adding value to Nigeria’s economy,” he warned.
Senator Natasha Akpoti of Kogi Central District underscored the global importance of minerals like lithium and nickel in advancing technological development and smart energy solutions. She called for accountability on revenues from these resources 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,” she emphasized.
Minister Alake Calls for Bold Investments
Dr. Dele Alake, Minister of Solid Minerals Development, backed the lawmakers’ demands for increased funding. “The current budget of ₦500 billion is just a starting point, far from what is truly required to transform the solid minerals sector. We must take bold steps to capitalize on our vast mineral wealth,” he stated.
Alake reiterated the ministry’s commitment to sustainable economic growth, noting that increased funding would attract investments, create jobs, and reduce Nigeria’s dependence on oil.
The Path Forward
The session concluded with a unanimous call for a revised budget that reflects the sector’s potential. Lawmakers stressed that aligning funding with the solid minerals sector’s strategic importance would generate significant revenue and create jobs, securing Nigeria’s place in the global energy transition.
The Joint Committee resolved to engage stakeholders and the Federal Government to ensure that the sector receives adequate funding to drive Nigeria’s economic diversification agenda.
