The National Assembly has expressed concerns over the insufficient allocation of funds to the Ministry of Solid Minerals in the 2025 budget, querying plans by the Federal Government to diversify the nations economy.

During a joint session today, the Senate and House of Representatives Joint Committees on Solid Minerals, chaired by Senator Ekong Samson and Hon. Gaza Jonathan, the lawmakers expressed doubts about the government’s dedication to reducing its dependence on oil revenues.

Minister of Solid Minerals Dele Alake, who appeared before the committees, outlined the difficulties in securing adequate funding for his ministry.

Alake revealed that despite his efforts, the ministry was initially allocated N5 billion, which was later increased to N9 billion after multiple reassurances from budget officials.

“In fact, the first envelope we received was N5 billion,” Alake told lawmakers. “After further discussions, the allocation was increased to N9 billion, but this was still far from what is needed.”

Alake recounted several engagements with budget officials, where he received positive responses but no substantial increases in funding. He emphasized that despite his close relationship with President Bola Tinubu, not all discussions could be disclosed publicly, and he defended the President’s commitment to economic diversification.

He further said, “The President is deeply passionate about diversifying the economy, and it’s a key part of his reform agenda, Our conversations about solid minerals are ongoing, and he is well aware of our sector’s strides.”

Committee members expressed surprise at the lack of adequate funding for solid minerals, a sector they say is critical for economic diversification.
According to him, “If we don’t invest in solid minerals, how do we diversify our economy?”. “We must approach this masterfully.”

Hon. Jonathan echoed these sentiments, underscoring the need for a robust plan and sufficient budget to achieve meaningful diversification. “Nigeria appears unprepared for economic diversification, which requires more than just rhetoric; it needs actionable plans and adequate funding,”.

The lawmakers therefore summoned Finance Minister Wale Edun, Budget and Economic Planning Minister Senator Abubakar Bagudu, and the Director-General of the Budget Office, Tanimu Yakubu, to clarify the Federal Government’s commitment to the sector.