Fidelity bank card banner Camano banner

FG approves release of N30bn for mining projects

By News Express on 20/10/2016

Views: 1,497


The Federal Government has ratified the release of N30 billion, part of natural resource development funds for mining projects.

Minister for Solid Minerals Development, Dr. Kayode Fayemi, who announced this in a series of tweets on Wednesday noted that the amount “is part of the natural resource development fund which is 1.6 per cent of Federation Account dedicated to agriculture, mining and water resources.”

It is distributed, he continued, as 0.6 per cent for agriculture sector and 0.5 per cent each for mining sector and the water resources sector, adding that “previously, 0.5 per cent component for mining sector was dormant. Essentially, this ratification is approval that the Ministry of Solid Minerals Development can now access the fund.

Based on the recently approved roadmap, he continued, “Our decided focus is to apply a considerable part of the fund to upgrade our geological information.

“We’ll invest more in achieving investment-graded geo-data, formalisation of artisanal mining operations & support to small scale miners.

“My team and I will immediately get to work to finalise the guidelines for the effective utilisation of the funds in line with our roadmap,” he stressed, adding that the development could not have come at better time when plans to procure a multi-year budget support from the World Bank are at very advanced stages of procuring.

“We are already negotiating private capital for investment funding through the Nigeria Sovereign Investment Authority (NSIA) and Nigeria Society of Engineers for the mining sector.

“There are exciting days ahead for the Nigerian mining sector and we remain committed to realisation of our roadmap. God bless Nigeria,” he added. (Independent)

•Photo shows Dr Fayemi.

Source News Express

Posted 20/10/2016 05:41:04 AM

 

 

CLASSIFIED ADS

 

You may also like...
Breaking: Jonathan, parents of abducted Chibok girls meet...

President Mugabe slumps at Airport

Activist petitions Imo Police boss over illegal detention...

Okorocha decries over dependence on oil, makes strong...

Understanding Okorocha’s greed, By Collins Ughalaa

Fidelity Bank makes 6 customers millionaires

Ogun disburses N11.8 billion for workers’ welfare

Apple CEO blasts unprecedented $14 billion EU tax...

MTN’s woes mount

Cars reach Bayelsa community for the first time...

Enyimba’s League victory is for all Abians, says...

Buhari set for OIC meeting in Saudi Arabia...

 

Latest News IPOB lays ambush for Southeast governors, Nwodo, Buratai •Offers N1m reward for information on their foreign trips 2019 Presidential poll: Why Atiku was not declared winner — INEC Cultists kill 3 persons in Rivers State Bank splashes scholarships on 30 top UTME candidates More troubles as FG prepares fresh charges against El-Zakzaky South-East Governors’ Forum decries alleged IPOB attack on Ekweremadu Stay away from duty posts, NASU, SSANU direct Varsity workers as strike begins El-Zakzaky didn’t seek asylum in India, says Islamic Movement in Nigeria Obi charges leaders to address healthcare challenges US to FG: Publish Nigeria’s budgets within reasonable period of time I will avenge next attack from your government, Okorocha warns Ihedioha Presidency queries FIRS boss over N12.6trn tax collection

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (527,932 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (438,172 views) Shameless Genevieve Nnaji exposes breasts in public (382,953 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (321,822 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (289,877 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (250,950 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (245,577 views) 10 cars more expensive than Jets (232,236 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (227,625 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (213,867 views) Lagos plane crash: Journalist releases victims’ names (192,822 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (190,761 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (98) Business & Economy (4,395) Business Verdict (78) Columnists (1,093) Complaints & Requests (95) Enterprise & Opportunities (214) Entertainment (647) Features (795) Global Business Monitor (417) ICT Monitor (58) International (3,841) Interview (198) Live Commentary (30) Love Matters (166) Maggie's Blog (379) News (50,127) Opinion (1,323) Pidgin (17) Politics (11,312) Religion (1,085) Sports (2,133) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera