The Joint National Assembly Committee on Solid Minerals has rejected the proposed N9 billion capital budget for Nigeria’s mining sector in the 2025 fiscal year

The Committee cited the allocation as grossly inadequate to harness the sector’s potential for economic diversification and green energy transition.

During the budget defence session on Friday, the committee’s Chairman, Senator Ekong Sampson, described the allocation as a significant setback, emphasizing the importance of solid minerals as a critical driver of non-oil revenue.

Similarly, Co-chairman Hon. Gaza Gbefwi condemned the drastic reduction of the initial N531 billion capital expenditure proposal to N9 billion, labelling it a disservice to the nation’s future.

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The Minister of Solid Minerals Development, Dr Dele Alake, who expressed concerns over the underfunding noted that while the sector achieved a record N38 billion in revenue for 2024 and created 45,000 jobs, the lack of adequate investment in exploration could hinder its growth.

The Minister urged the National Assembly to approve a radical upward review of the budget to attract major global investors.

Senator Natasha Akpoti-Uduaghan joined calls for a review, insisting the proposed budget estimates be rejected and screening suspended until a substantial increase is implemented.

The committee resolved to invite the Ministers of Budget and National Planning, as well as Finance, to justify the allocation and address the urgent need to fully exploit Nigeria’s vast mineral resources.