The National Assembly has raised concerns over the inadequate funding allocation to the Ministry of Solid Minerals in the 2025 budget, questioning the Federal Government’s commitment to economic diversification.
During a joint session today, the Senate and House of Representatives Joint Committees on Solid Minerals, led by Senator Ekong Samson and Hon. Gaza Jonathan, expressed doubts about the government’s efforts to reduce reliance on oil revenues.
Minister of Solid Minerals, Dele Alake, who appeared before the committees, outlined challenges in securing sufficient funding for his ministry.
Alake disclosed that the ministry was initially allocated N5 billion, which was later raised to N9 billion after repeated assurances from budget officials, but he stressed this remained insufficient.
Despite positive responses from officials, Alake noted that further funding increases were not forthcoming. He defended President Bola Tinubu’s commitment to economic diversification but acknowledged some discussions could not be made public.
“The President is deeply passionate about diversifying the economy, and our conversations about solid minerals are ongoing,” Alake added.
Committee members expressed concern over the lack of adequate funding for solid minerals, an essential sector for economic diversification. Hon. Jonathan emphasised, “Nigeria seems unprepared for economic diversification; it requires actionable plans and sufficient funding.”
The lawmakers have summoned Finance Minister Wale Edun, Budget and Economic Planning Minister Senator Abubakar Bagudu, and Budget Office Director-General Tanimu Yakubu for clarification on the government’s commitment to the sector.