JUST IN: Nigeria can generate $3bn from solid minerals annually — Senate

The Senate, through its committee on Finance, has said that Nigeria could generate about $3bn from solid minerals.

The Chairman of the Finance Committee, Senator Sani Musa, in a statement on Sunday said the informal sector, particularly the mining industry, is a hidden gem in the nation’s revenue potential.

He also stated the Senate Finance Committee will seriously look at the informal sector which constitutes about 80 per cent of the Nigerian economy. The committee will look into empowering the informal sector with the spotlight on mining.

He said, “This was corroborated by the Ministry of Mines and Steel Development that the solid minerals have the capacity to generate about 2-3 billion US dollars annually.

“We will dedicate our efforts to understanding and nurturing this sector with appropriate legislation with emphasis on formalising artisanal and medium-scale mining activities.”

Musa noted that this strategic move will bring economic benefits while promoting safer and more responsible practices.

He added, “We will harness and raise revenue sources from both the Blue Marine and the Creative Economies, by setting targets.

“The committee will legislate to encourage regulations of consumption and production, facilitate enabling environment through legislation for domestic industries to develop and stimulate economic growth through direct foreign investments inflow.

“Upholding fiscal discipline is pivotal to our financial health. As Senate Finance Committee, we will fasten our commitment to prudent revenue sourcing, ensuring that every income earned is being accounted for so that our nation’s priorities and development goals can be addressed.”

He also noted that the committee will ensure that the annual budget aligns with the Medium-Term Expenditure Framework and fiscal strategy paper to ensure a coherent roadmap, bridging medium-term aspirations with concrete fiscal plans, and fostering accountability in the efficient utilisation of resources.

The Senate Finance Committee also said it would extend unwavering support to the Presidential Committee on Fiscal Policy and Tax Reforms in its ambitious endeavour to address the substantial annual revenue gap of N20 trillion from non-oil sources and also to achieve an 18 per cent tax-to-GDP ratio.

The lawmaker added, “In parallel, the committee underscores its commitment to legislate on comprehensive tax reforms, a pivotal step towards augmenting revenue generation and fostering sustainable economic growth.

“Stringent oversight of revenue agencies will be entrenched as our responsibility extends to overseeing the activities of revenue-generating agencies. Through rigorous oversight, we will ensure their transparency, accountability, and efficiency, thus maximising revenue collection for national development.”