The National Assembly Joint Committee on Solid Minerals has rejected the 2025 budget estimates presented by the Ministry of Solid Minerals, citing gross inadequacy.
This decision was announced by the committee’s chairman, Sen. Ekong Sampson, after the Minister of Solid Minerals, Dele Alake, presented the ministry’s proposed budget on Friday.
The rejection followed a motion moved by Sen. Diket Plang (APC-Plateau) and seconded by Sen. Natasha Akpoti-Uduaghan (PDP-Kogi).
The lawmakers expressed disappointment that the ministry received only N9 billion for capital expenditure out of the N539.7 billion it proposed for 2025.
Sen. Sampson emphasised the importance of adequately funding the solid minerals sector to support Nigeria’s economic diversification.
“The estimates presented before us are grossly inadequate and will not help our economy at this critical period when we need to invest in the future,” he stated.
He stressed that the budget needs a radical upward review, highlighting the sector’s potential to drive economic growth if properly funded.
Co-chairman Mr. Gaza Gbefwi also supported halting the budget screening, proposing the invitation of the Minister of Planning and Budget to explain the allocation.
Minister Dele Alake revealed that the ministry proposed N539.7 billion for capital projects and N2 billion for overhead, totaling N541.7 billion, but only N9 billion was approved for capital expenses.
Alake lamented that the inadequate budget undermines efforts to diversify the economy, especially in harnessing the country’s rich solid mineral resources.
He also noted that while the ministry’s overhead cost performance was 100% in 2024, capital performance was only 18% due to poor funding.
Despite this, the ministry generated N37.8 billion in revenue in 2024, surpassing its N11 billion projection.
