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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.

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” 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.

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Diesel Costs Bite: LAMATA Accelerates Shift To CNG, Electric Buses

The move comes as diesel prices have more than doubled, rising from about N950 per litre at the beginning of the year to between N1,950 and N2,100 per litre, depending on the source.

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Lagos is accelerating its transition away from diesel-powered public transport as the Lagos Metropolitan Area Transport Authority (LAMATA) begins phasing out diesel buses from its regulated fleet, amid a surge in diesel prices that has pushed operating costs sharply higher.

LAMATA is targeting clean-energy propulsion for 52 per cent of its Bus Rapid Transit (BRT) fleet by 2050, with compressed natural gas (CNG) and electric vehicles (EVs) taking the place of conventional diesel buses under a policy that took effect at the beginning of 2026.

The Managing Director and Chief Executive Officer of LAMATA, Mrs. Abimbola Akinajo, disclosed this weekend, during the handover of 20 additional high-capacity CNG buses under the Presidential Initiative on CNG and EVs.

The latest delivery brings LAMATA’s CNG fleet to about 170 buses, following the deployment of approximately 150 CNG buses before the new vehicles were received.

The authority also operates high-capacity and medium-capacity electric buses.

Akinajo said some of the new CNG buses would be deployed on the busy Ikorodu–Tafawa Balewa Square corridor, where passenger demand remains high.

“We will only work with CNG or EV buses, and this has been the policy since the beginning of the year,” she said.

The move comes as diesel prices have more than doubled, rising from about N950 per litre at the beginning of the year to between N1,950 and N2,100 per litre, depending on the source.

For LAMATA, the shift is therefore not only an environmental policy but also a cost-management strategy aimed at shielding commuters and transport operators from the impact of rising fuel expenses.

Akinajo said regulated public transport fares had not been increased, partly because the lower operating costs of CNG and electric buses were helping to contain the pressure on operators.

“Regulated public transport fares have not increased, and these buses have helped us achieve that,” she said.

Diesel phase-outUnder the new policy, existing diesel-powered buses in the regulated system will be progressively replaced with CNG and electric alternatives.

Akinajo said the long-term direction was for the regulated system to ultimately operate an entirely electric fleet, while the broader clean-energy target provides a pathway towards reducing emissions from Lagos’ transportation sector.

Transportation remains a major source of emissions in the megacity, making the switch to cleaner buses a key component of Lagos State’s long-term ambition of achieving net-zero emissions by 2050.

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Naira Rates To Dollar, Pound ,Euro… Friday, October 2

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BLACK MARKET RATES

₦1375DOLLAR (USD)

₦1845 POUND (GBP)

EURO (EUR) ₦1550

₦1000 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦370 UAE DIRHAM

₦190 CHINESE YUAN (CNY)

₦100 GHANA CEDI (GHS)

₦2350 CFA F.(XOF)

₦2250 CFA F.(XAF)

₦850 AUSTRALIAN DOLLAR (AUSSIE)

Official CBN Exchange Rates

DOLLAR (USD)₦1329.16

POUND (GBP)₦1766.59

EURO (EUR) ₦1510.06

SWISS FRANC (CHF) ₦1593.91

JAPANESE YEN (JPN)₦8.47

CFA FRANC (XOF) ₦2.30

WEST AFRICAN UNIT OF ACCOUNT (WAUA) ₦1807.23

CHINESE YUAN (CNY) ₦198.25

SAUDI RIYAL (SAR) ₦353.97

SOUTH AFRICAN RAND (ZAR) ₦81.18

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Obasanjo: “Aliko Embarrass Me”

He got all his workers together in that refinery and said, without telling me, and there, said…

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Former President of Nigeria, Olusegun Obasanjo, has described Aliko Dangote as his “boss”, crediting the businessman’s industrial achievements to the policies and encouragement provided by his administration.

Obasanjo said this while speaking at the groundbreaking ceremony of the Dangote East Africa Refinery in Lamu, Kenya, where he recalled his recent visit to the Dangote refinery and the businessman’s acknowledgement of the role he played in his transition from cement importation to production.

He said, “About two months ago, three months ago, I visited the refinery which you visited last week. And I just couldn’t stop being surprised what Aliko did. But then Aliko embarrassed me.”

According to Obasanjo, Dangote had gathered his workers during the visit and publicly attributed part of his success in cement production and the eventual development of his refinery to the policies and encouragement of the former president.

He said, “He got all his workers together in that refinery and said, without telling me, and there, said, all of you working here, all of you, the man you have to thank is this man, that’s me. I didn’t have anything to do with his refinery or what it is.

He said, without this man, I would not have been in cement production.“And it is the cement production that provided the encouragement, the inspiration for the refinery. So, thank you. They all shouted and thanked me.”

Obasanjo said Dangote had expanded the opportunities created by his administration beyond Nigeria, particularly through cement production across Africa, and was now replicating the model in the petroleum refining sector.

“May God continue to expand your coast. And you are my boss. You will continue to be my boss.”

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