The Senate has approved and passed 2023 supplementary budget of N2.17 trillion naira.
This decision followed the committee on appropriation’s review of the report presented by Chairman Senator Solomon Olamilekan.
Within this amount, 18 billion naira is allocated for statutory transfers, N1.33 trillion for recurrent expenditure, and over N1.12 trillion for contributions to development funds.
Furthermore, the Senate has agreed to conduct a comprehensive review of all privatized or commercialized mining programs from 1999 to the present.
This resolution was reached after considering a motion presented by Senator Osita Ngwu, who represents Enugu West.
Senator Ngwu explained that the Nigeria Extractive Industries Transparency Initiative (NEITI) Solid Mineral Industry Report for 2020 highlighted the inconsistent and fluctuating trend of the solid minerals sector’s contribution to the Gross Domestic Product (GDP) from 2016 to 2020.
Senator Ngwu expressed concern about the sector’s underperformance relative to the country’s abundant mineral resources and the significant investment made by the government.
The sector’s contribution to job creation, infrastructure development, and the overall GDP of the economy is among the lowest in the African sub-Saharan region.
The Senate unanimously supported the motion and called for an investigation into the factors causing the decline in revenue from the solid mineral sector.
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