Mining sector revenue rises from N700mn to N2bn in 2016

Nigeria’s revenue earnings profile from the mines and steel sector has risen from N700 million to over N2billion in 2016.

This was disclosed by James Manager, Senate Committee chairman on Solid Minerals Development during a visit by committee members to the ministry on Tuesday, as part of their oversight function,  a statement from Olayinka Oyebode, special assistant media to the minister says.

According to Manager, the feat has been achieved as a result of the visionary reforms introduced in spite of the inherent challenges in the sector by Kayode Fayemi, minister of mines and steel development which has taken the sector to a higher level.

“The Minister of Mines and Steel Development, Kayode Fayemi and his team have performed well in increasing the revenue profile of the sector from N700 million to over N2Billion in 2016”, said Manager.

He expressed happiness that the sum of N30billion has been approved by the President from the Natural Resource Development Fund for the solid minerals sector and stated that if the approved fund is appropriated in the 2017 budget, the ministry’s revenue profile will definitely increase.

While pledging the Committee’s unfailing support and partnership for the minister and his team to achieve more for the sector, he urged that the approved Roadmap for the sector be religiously followed to make Nigeria a mining destination.

In a presentation on the ministry to the Committee, the minister appreciated the members for their interest in the sector adding that the ministry has translated Mr President’s vision of diversifying the economy through the mining sector into a Roadmap which has since been approved by the Federal Executive Council.

He hinted that the recently approved N30billion Intervention Fund from the Natural Resources Development Fund was the first of its kind for the sector.

The minister used the opportunity to highlight the challenges of the sector which include inadequate funding, late releases of budgetary allocation, huge backlog of debts and technical and skill capacity gaps as well as lack of project vehicles for field officers in the state offices.

He added that project vehicles were last purchased in 2006.