Business
Alake: Reduction of N531bn 2025 Mining Budget To N9bn Unacceptable
Senator Natasha Akpoti-Uduaghan emphasized that if Nigeria is serious about developing the mining sector, the 2025 budget proposal must be drastically reviewed upwards.
” 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.”
Those were the words of the Minister of Solid Minerals Development, Dr Dele Alake, calling on the National Assembly for a radical upward review of the budget.
Dr Alake, supported the Joint National Assembly Committee on Solid Minerals for having rejected the proposed N9 billion capital budget for the mining sector in the 2025 budget.
He highlighted the positive outcomes of the reforms over the past year, which have created 45,000 new jobs in the sector, up from 30,000 the previous year.
He also noted that the 2024 revenue projection of N11 billion had been exceeded, with N38 billion generated in the year under review.
“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.
The Committee emphasizes that the allocation falls drastically short of the investment required to position solid minerals as the cornerstone of economic diversification.
During the budget defense session on Friday, the Chairman of the Joint Senate and House of Representatives Committee on Solid Minerals, Sen. Ekong Sampson, 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 remain unrealized.
In the same vein, the Co-chairman and House Committee Chairman on Solid Minerals,
Hon. Gaza Gbefwi condemned the reduction of the proposed N531 billion 2025 capital expenditure proposal to N9 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,” Hon. Gbefwi asserted. Hon.
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.
Senator Natasha Akpoti-Uduaghan emphasized that if Nigeria is serious about developing the mining sector, the 2025 budget proposal must be drastically reviewed upwards.
She added her voice to the call for the rejection of the proposed budgetary estimates and a suspension of the screening process until the review is implemented.
In an unanimous voice vote, Sen. Ekong Sampson, Chairman of the Joint Committee, announced the committee’s resolution to reject the proposed 2025 budgetary estimates, suspend further screening of the ministry’s budget, and invite the Ministers of Budget and National Planning, as well as Finance, to make a case for an upward review of the mining sector’s budget allocation to ensure the nation fully maximizes the potential of its mineral resources.
Business
FIRS Inaugurate E- Invoicing Committee for Tax Compliance
On Tuesday, April 29, 2025, the Federal Inland Revenue Service (FIRS) formally inaugurated the National E- Invoicing Solution Inter-Agency Steering Committee at its headquarters in Abuja.
The Federal Inland Revenue Service has inaugurated the National E-Invoicing Solution Inter-Agency Steering Committee as part of its efforts to boost tax compliance, transparency, and efficiency in Nigeria’s tax system.
This was according to a statement shared on the service’s official X handle on Tuesday.
“On Tuesday, April 29, 2025, the Federal Inland Revenue Service (FIRS) formally inaugurated the National E- Invoicing Solution Inter-Agency Steering Committee at its headquarters in Abuja”, said the statement.
The event featured a presentation of the roadmap for the implementation of the E-Invoicing Initiative, including key milestones intended to ensure a seamless rollout.
The event featured a detailed presentation outlining the roadmap and strategic milestones for the successful implementation of the E- Invoicing Initiative”, it added.
Business
Competition Tribunal Orders Coca – Cola to pay N190 million misleading Fines Within 60 Days
Upholding the FCCPC’s five-year investigation, findings, and imposed penalties, the tribunal ruled that NBC’s conduct constituted misleading practices in violation of Nigerian law.
The tribunal criticised the FCCPC’s acceptance of the post-judgment settlement, saying it conflicted with the commission’s regulatory obligations.
The Competition and Consumer Protection Tribunal ( CCPT) has ordered the Nigerian Bottling Company Limited (NBC), also known as Coca-Cola Nigeria Limited to pay the N190 million administrative penalty imposed on the company for misleading packaging, within 60 days .
This was contrary to the settlement reached between the Federal Competition and Consumer Protection Commission (FCCPC) and the NBC in the case that stemmed from an August 2024 announcement by the FCCPC in which it accused Coca-Cola and NBC of engaging in unfair marketing tactics and misleading consumers.
In a judgment delivered on Monday, April 28, a three-member panel led by presiding judge Thomas Okosun dismissed NBC’s application to adopt the settlement terms as judgment, describing it as an “attempt to arrest judgment.”
NBC’s counsel, O. Ogunride, had informed the tribunal of a settlement agreement reached with the FCCPC, requesting its adoption as a consent judgment.
The FCCPC’s representative, Abimbola Ojenike, confirmed the existence of the settlement, stating that discussions had been finalised with Akoji Achimugu, the commission’s legal director.
However, the tribunal pointed out that the terms of settlement were filed after judgment had been reserved and both parties had submitted their final written arguments.
Okosun ruled that “the notion of arrest of judgment is unknown to Nigerian law,” stressing that entering a settlement at this stage exceeded the FCCPC’s statutory authority and undermined its role as a regulator.
The tribunal criticised the FCCPC’s acceptance of the post-judgment settlement, saying it conflicted with the commission’s regulatory obligations.
The tribunal emphasized its constitutional duty to the public, asserting that it could not engage in private compromises between parties.
The panel also criticized the FCCPC’s sudden shift from its earlier position, noting that the proposed settlement declared “there is no penalty,” directly contradicting the commission’s findings from its investigation.
Consequently, the tribunal rejected the settlement and proceeded to deliver its final judgment.
Upholding the FCCPC’s five-year investigation, findings, and imposed penalties, the tribunal ruled that NBC’s conduct constituted misleading practices in violation of Nigerian law.
It affirmed that the ₦190 million administrative penalty was consistent with the Federal Competition and Consumer Protection Act (FCCPA) and the 1999 Constitution (as amended).
NBC’s appeal was dismissed for lack of merit, and the company was ordered to pay the fine within 60 days.
The Nigerian Export Promotion Council, NEPC, has said Africa’s most populous country’s non-oil exports increased by 24.75 percent to $1.791 billion in the first quarter of 2025.
The executive director of NEPC, Nonye Ayeni, disclosed this on Monday in Abuja.
According to her, the increase in non-export showed increased commitments and efforts towards improving the sector in the period under review.
“This year, the Nigerian Export Promotion Council (NEPC) reported the highest value of export since it was established 49 years ago, with a year-on-year increase of 20.77 percent, from $4.517 billion in 2023 to $5.456 billion in 2024.
“Nigeria’s non-oil products exported in the first quarter of 2025 were valued at US$1.791 billion.
“This is a 24.75 percent increase over and above the $1.436 billion reported in the first quarter of 2024″, Ayeni stated.
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