Home / Business and Economy / Senate Committee hails Fayemi over improved revenue in mining sector
L-R: Vice Chairman Senate Committee on Solid Minerals, Senator Rilwan Adesoji; Chairman Senate Committee on Solid Minerals, Senator James Manger; Minister of Mines and Steel Development, Dr. Kayode Fayemi; and Minister of State for Mines and Steel Development, Hon. Abubakar Bawa Bwari; during the Oversight Visit of the senators to the Ministry in Abuja...on Tuesday

Senate Committee hails Fayemi over improved revenue in mining sector

L-R:  Vice Chairman Senate Committee on Solid Minerals, Senator Rilwan Adesoji;  Chairman Senate Committee on Solid Minerals, Senator James Manger; Minister of Mines and Steel Development, Dr. Kayode  Fayemi; and Minister of State for Mines and Steel Development, Hon. Abubakar Bawa Bwari; during the Oversight Visit of the senators to the Ministry in Abuja...on Tuesday
L-R: Vice Chairman Senate Committee on Solid Minerals, Senator Rilwan Adesoji; Chairman Senate Committee on Solid Minerals, Senator James Manger; Minister of Mines and Steel Development, Dr. Kayode Fayemi; and Minister of State for Mines and Steel Development, Hon. Abubakar Bawa Bwari; during the Oversight Visit of the senators to the Ministry in Abuja…on Tuesday
The Senate Committee on Solid Minerals Development has commended the Ministry of Mines and Steel Development for the improvement in the revenue profile in the mining sector in 2016.

The Chairman of the Committee, Senator James Manager, gave the commendation during a visit by committee members to the ministry on Tuesday, as part of their over sight function.

He said the Minister of Mines and Steel Development, Dr. Kayode Fayemi and his team have performed well in increasing the revenue profile of the sector from N700 million to over N2Billion in 2016. He described the Minister as a man of vision who in spite of the inherent challenges in the sector has taken the sector to a higher level.

Senator Manager 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.

He pledged 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 should be religiously followed to make Nigeria a mining destination.

The Minister of Mines and Steel Development, Dr. Kayode Fayemi in his presentation on the Ministry to the members of the Senate Committee, appreciated the members for their interest in the sector. He said the Ministry has translated Mr President’s vision of diversifying the economy through the mining sector into a Roadmap, adding that the Roadmap has since been approved by the Federal Executive Council.

He said the recent approved N30billion Intervention Fund from the Natural Resources Development Fund is the first of its kind for the sector.

The Minister spoke on 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 said project vehicles were last purchased in 2006.

Dr. Fayemi solicited the assistance and inputs from the senators to improve and transform the mining sector in the country.

About Global Patriot Staff

Check Also

Late DJ Chebez, Okechukwu Achebe, for celebration in New Jersey, USA, tomorrow, Saturday, March 30, 2024

Friends, relatives, associates and well-wishers will pay special respects to departed popular society personality, Chief Sir …

Leave a Reply

Your email address will not be published. Required fields are marked *