Advertisements
The Federal Executive Council (FEC) on Wednesday approved N30 billion intervention fund for mining exploration in the country.
Addressing Journalists after the meeting presided over by President Muhamadu Buhari, the Minister of Mining and Steel Development, Kayode Fayemi, explained that the fund will come from 1.68% of the Federation Account and will mainly focus on mining exploration.
Fayemi was accompanied by the Minister of Information, Lai Mohammed and Minister of Transport, Rotimi Amaechi.
He said: “FEC rectified the president’s anticipatory approval for Ministry of Mines and Steel Development to qualify to access the national resources fund.
“You will recall that in August FEC approved the road map for the growth and development of the mining sector.
“In recognition of Mr. President’s campaigns promises to Nigerians and in particular his consistent statement to diversification particularly in agriculture and mining sector, Council ratified the approval of N30 billion intervention fund for the mining sector. It will be highly focused on exploration. Exploration is the heart of mining, if you don’t search you won’t find.
“You have heard all sorts of talks about how rich Nigeria is in mineral resources but the quantity, quality, the geological prospectively has been a challenge because we have neglected the sector for such a long time.”
Advertisements
