FG approves release of N30bn for mining projects

Posted by News Express | 20 October 2016 | 2,263 times

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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

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