By Ade Iyamoye
The National Assembly has summoned the Minister of Finance, Wale Edun, the Minister of Budget and Economic Planning, Abubakar Bagudu, and the Director-General of the Budget Office, Tanimu Yakubu, to address concerns over the Federal Government’s efforts to diversify the economy from its reliance on crude oil revenues.
The Senate and House of Representatives Joint Committees on Solid Minerals expressed dissatisfaction with the meager N9 billion allocated to the Ministry of Solid Minerals in the 2025 budget, despite earlier promises of substantial funding.
Minister of Solid Minerals, Dele Alake, while defending his ministry’s budget on Monday, described his struggle to secure better funding.
He revealed that initial budgetary provisions for the ministry stood at a paltry N5 billion, which was only marginally increased to N9 billion after intense lobbying.
Responding to lawmakers’ queries on why his close ties to President Bola Tinubu had not translated into better funding for the sector, Alake maintained that the president was committed to economic diversification, citing the inclusion of the sector in Tinubu’s Renewed Hope Agenda.
However, he declined to divulge details of his discussions with the president.
Joint committee co-chairs Senator Ekong Samson and Honourable Gaza Jonathan criticized the budget allocation, highlighting its inadequacy to support solid minerals development, a critical pillar for economic diversification.
Samson emphasized the need for strategic investment in the sector, comparing Nigeria’s situation with other economies where solid minerals play a vital role.
The committees deferred the ministry’s budget defense until the summoned officials provide further explanations today.
