Nigeria can generate $3bn from solid minerals annually

According to the Senate’s Finance Committee, Nigeria may earn around $3 billion from solid minerals.

The informal sector, notably the mining industry, is a hidden jewel in the country’s revenue potential, according to a statement made on Sunday by the chairman of the finance committee, Senator Sani Musa.

Additionally, he said that the informal sector, which accounts for nearly 80% of the Nigerian economy, will be given serious consideration by the Senate Finance Committee. With mining as its main focus, the committee will investigate empowering the informal sector.

“The Ministry of Mines and Steel Development confirmed that the solid minerals have the potential to generate about 2-3 billion US dollars annually,” he said.

With a focus on formalizing small- and medium-scale mining operations, we will devote our efforts to comprehending and fostering this sector.

Musa pointed out that this tactical choice will benefit the economy while encouraging safer and more responsible behavior.

He continued, “By setting goals, we will harness and increase revenue sources from both the Blue Marine and the Creative Economies.

The committee will pass laws to promote consumption and production rules, support the creation of an environment that will allow for the growth of domestic industries, and promote economic expansion through the inflow of direct foreign investment.

Maintaining financial restraint is essential to our financial stability. As the Senate Finance Committee, we will intensify our dedication to wise revenue sources and make sure that every dollar earned is properly accounted for in order to meet the priorities and development objectives of our country.

Additionally, he stated that the committee would make sure the annual budget was in line with the Medium-Term Expenditure Framework and fiscal strategy paper to ensure a cogent roadmap, connect medium-term aspirations with tangible fiscal plans, and promote accountability in the effective use of resources.

The Senate Finance Committee also said that it will provide the Presidential Committee on Fiscal Policy and Tax Reforms with unshakable support in its ambitious effort to close the significant yearly revenue shortfall from non-oil sources of N20 trillion and to attain an 18% tax-to-GDP ratio.

“In parallel, the committee underscores its commitment to legislate on comprehensive tax reforms, a crucial step towards increasing revenue generation and promoting sustainable economic growth,” the legislator continued.

As our job expands to include monitoring the operations of revenue-generating agencies, strict scrutiny of those organizations will become established. We will assure their efficiency, accountability, and transparency through strict control, maximizing income collection for national development.