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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.

Published

2 years ago

January 11, 2025

OCHEFA

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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.

Related Topics:Featured Mining sector's budget Solid Minerals Development

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Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

4 hours ago

July 21, 2026

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The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

13 hours ago

July 21, 2026

OCHEFA

20 Views

File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.