2025 Budget: Reps Urge FG to Commit More Funds for Solid Minerals Exploration to Enhance Forex Earnings
The House of Representatives has urged the federal government to provide substantial funds in the 2025 appropriation to explore Nigeria’s solid minerals potentials to enhance foreign exchange earnings.
This followed the adoption of a motion jointly sponsored by Rep. Ojo Sunday Makanjuola and Rep. Gaza Jonathan Gbefwi at the Plenary on Wednesday.
The House also urged the federal government to explore bilateral agreements on a Government-to-Government level in order to get the required expertise for exploration service and support technology transfer.
Presenting the motion, Rep. Makanjuola reminded that, Nigeria has been a mono economy with high dependence on Oil and Gas, now with the Energy Transition and the departure from the use of fossil fuels, the country may begin to experience a decline in revenues from the oil sector.
According to him, the Nigerian National Petroleum Corporation Limited (NNPCL) has estimated that, $400 million will be spent on frontier exploration annually adding that, the NNPC spent N20 Billion in seven months on Frontier exploration in 2021 alone.
The lawmaker however reminded that, Nigeria is blessed with abundant resources adding that, Nigeria’s main income was solid minerals during the colonial era and pre-independence period.
He added, “The KPMG Nigeria Mining Sector Brief of June 2024, listed the potential of a number of minerals as follows; Coal, has a reserve estimate of about 2.73 billion metric tons and proven reserves of 639 million tons;Bitumen, has an estimated 42.47 billion tons; Barite, has an estimated 23 million metric tons.
“Lead – Zinc, have been observed along a belt of approximately 30 – 50 Km wide stretching for about 560km km in length from Eboyin state, through Benue, Bauchi, Adamawa, Taraba, Nasarawa and Plateau States.
“Limestone, estimated reserve of 10.6 billion tons across 14 states; (vi) Iron Ore, has an estimated reserve of about 3 billion tons; Gold,has estimate reserves of about 21.37 metric tons valued at $ 1 Billion dollars as at 2nd quarter of 2023.
“These deposits if explored to a bankable data level will bring enormous foreign exchange inflow that will contribute significantly to our nations GDP”.
The House adopted the motion and mandate the Committees on Appropriations, Finance and Solid Minerals to ensure compliance.
It directed the Committees to report within four (4) legislative weeks for further legislative action.
