The National Assembly has raised alarm over the Federal Government’s inadequate funding for the Ministry of Solid Minerals in the 2025 budget, casting doubt on Nigeria’s commitment to diversifying its oil-dependent economy.
During a joint session on Monday the Senate and House of Representatives Joint Committees on Solid Minerals, chaired by Senator Ekong Samson and Hon. Gaza Jonathan, expressed frustration at what they described as insufficient action to prioritize solid minerals as a key sector for economic growth.
The Minister of Solid Minerals, Dele Alake, appeared before the committees to defend the ministry’s budget. Alake revealed that his ministry was initially allocated a paltry N5 billion for the year, which was only slightly increased to N9 billion after persistent lobbying.
“In fact, the first envelope we received was N5 billion,” Alake stated, visibly exasperated. “After further discussions, the allocation was increased to N9 billion, but this is still far from what is needed to achieve meaningful progress in the sector.”
The minister recounted numerous meetings with budget officials where, despite positive assurances, no substantial funding materialized. He assured the lawmakers that President Bola Tinubu is fully committed to economic diversification and that solid minerals are central to the administration’s reform agenda.
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“The President is deeply passionate about diversifying the economy,” Alake said. “Our conversations about solid minerals are ongoing, and he is well aware of our sector’s strides. However, not every discussion can be disclosed publicly.”
Lawmakers, however, expressed disbelief and frustration at the government’s seemingly lukewarm approach. Senator Ekong Samson questioned how Nigeria intends to diversify without adequately funding the solid minerals sector.
“If we don’t invest in solid minerals, how do we diversify our economy?” Samson asked. “This is not just about numbers; it’s about strategic planning and commitment.”
Hon. Gaza Jonathan echoed these concerns, describing Nigeria’s approach to diversification as “all talk and no action.” He stressed that diversification requires more than rhetoric, urging the government to back its promises with substantial funding.
“Nigeria appears unprepared for economic diversification,” Jonathan said. “It requires more than just rhetoric; it needs actionable plans and adequate funding.”
Frustrated with the lack of clarity, the committees have summoned Finance Minister Wale Edun, Budget and Economic Planning Minister Senator Abubakar Bagudu, and the Director-General of the Budget Office, Tanimu Yakubu. They are expected to provide explanations on the government’s plans and commitment to the sector.
The lawmakers insisted that the government cannot afford to neglect the solid minerals sector, which they described as a critical pillar for reducing Nigeria’s reliance on oil revenues.
The inadequate budget allocation raises serious questions about whether Nigeria is ready to walk the talk on economic diversification. For a country heavily reliant on oil, the lack of investment in solid minerals signals a missed opportunity to tap into an industry with immense potential for growth, job creation, and revenue generation.
