TheCable

The national assembly reduced the budget allocation to the ministry of solid minerals development by 25.09 percent to N21,906,773,234.

The chambers cut the ministry’s budget in the 2024 appropriation bill, which was passed on Saturday.

The lawmakers increased the budget size from N27.5 trillion proposed by President Bola Tinubu to N28.7 trillion.

According to details of the 2024 appropriation bill, the lawmakers reduced the amount allocated to the ministry from N29,243,373,419 — presented by Tinubu on November 29, 2023– to N21,906,773,234.

The national assembly made the cut despite the house of representatives pledging to increase the allocation of the ministry for 2024 fiscal year.

Speaking during the ministry’s budget defence session, on December 12, 2023, Jonathan Gbefwi, chairman of the house committee on solid minerals and development, said Nigeria possesses the solid minerals required to boost the country’s economy.

“In the 70s, the solid minerals sector was accounting for over 50 percent of contributions to the GDP as against today where it is only contributing a meagre 0.65 percent to the GDP,” Gbefwi said.

“All hope is not lost, especially because President Bola Tinubu re-echoed the priority the present administration has placed on the solid minerals sector.

However, Gbefwi said his enthusiasm about the future reforms in the mining sector was dampened when received the 2024 budgetary estimates of the ministry.

Gbefwi said the estimated budget for the ministry is grossly inadequate to make any significant impact in the mining sector.