National Assembly Rejects 2025 Solid Minerals Ministry Budget – Details

The National Assembly Joint Committee on Solid Minerals, on Friday, rejected the budget estimates of the Ministry of Solid Minerals, citing significant inadequacies in the figures presented.

The decision came after the Minister of Solid Minerals, Dele Alake, presented the ministry’s 2025 budget before the committee.

Following the presentation, a motion to reject the budget was moved by Sen. Diket Plang (APC-Plateau) and seconded by Sen. Natasha Akpoti-Uduaghan (PDP-Kogi).

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EKO HOT BLOG reports that Sen. Plang expressed dissatisfaction with the ministry’s proposed allocation, stating that the N9 billion allotted from the N539.7 billion capital expenditure request was grossly insufficient.

The chairman, Sen. Ekong Sampson, also voiced concerns over the budget, emphasizing the importance of the solid mineral sector in Nigeria’s economic diversification efforts.

“This sector is key to diversifying the economy, and the estimates presented are grossly inadequate, especially at a time when Nigeria urgently needs to diversify its economy,” Sampson remarked. He further pointed out that other economies are investing heavily in such sectors, and Nigeria must do the same to avoid economic stagnation.

Sampson stressed that a review of the budget was necessary to address critical issues facing the sector, such as exploration, data gathering, and tackling systemic challenges. He called for a radical upward review of the budget, which was strongly supported by the committee. The motion to reject the current estimates was carried, with further decisions on the budget suspended until adjustments are made.

In support of the motion, co-chairman Mr. Gaza Gbefwi, representing Keffi/Karu/Kokona Federal Constituencies, also advocated for the suspension of the budget screening, noting that the allocated N9 billion was far from adequate.

Earlier, Minister Alake had presented the ministry’s proposed budget of N539.7 billion for capital expenditure and N2 billion for overhead costs, totaling N541.7 billion. However, he noted that the actual allocation received by the ministry was far less, with only N9 billion allocated.

Alake highlighted the stark contrast between the ministry’s proposed budget and the allocated amount, especially considering Nigeria’s goal to diversify away from oil and invest in green energy and solid minerals.

He also provided a review of the 2024 budget, revealing that while the ministry’s overhead costs had been fully executed, capital expenditures saw a poor 18 percent performance due to insufficient budget releases.

“We rely on your support to correct this anomaly,” Alake urged, emphasizing that achieving the ministry’s objectives was impossible without appropriate funding. He further reported that the ministry had generated N37.8 billion in revenue in 2024, exceeding the projected N11 billion.