FG to spend N15bn on mining in 2018 – Fayemi

In a bid at boost the dwindling revenue from crude oil, the Federal Government has earmarked N15bn for the exploration of solid minerals across the country comes next year.

This is, according to the Minister of Mines and Steel Development, Dr. Kayode Fayemi, who made this known during the opening session of the second edition of the Nigeria Mining Week ongoing in Abuja.

Nigeria has rich mineral potential. Some of the solid minerals which abound across the 36 states and Abuja, Federal Capital, include coal, gypsum, tin, bauxite, iron ore and limestone.

However, over the years, these minerals have largely remained untapped, as revenues from petroleum resources, which account for over 90% of the nation’s foreign exchange earnings have largely been the focus of the Federal Government.

Now that the FG is determined to diversify its economy with emphasis on other sectors, such as solid minerals and agriculture and meet its statutory obligations to the people, Fayemi said the FG will be giving more concentration on the mining sector to boost the dwindling oil revenue.

However, the Governor of Taraba State, Mr. Darius Isiaku, has also appealed to the government to allow the other tiers of government, where some of these solid minerals are deposited, to be carried along in its mining plans, ahead of next year.