Senate Hails Fayemi For Improving 2016 IGR From N700 Million to N2 Billion

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The chairman of the Senate Committee on Solid Minerals Development, Senator James Manager has commended the Minister of Mines and Steel Development, Dr. Kayode Fayemi and his ministry for the significant increase in the revenue profile of the mining sector in 2016. The IGR rose from N700 million to over N2 billion in just a year.

The chairman of the senate committee, who gave this commendation during a over sight visit by the committee members to the ministry, said they have performed creditably well in increasing the revenue profile of the mining sector from N700 million to over N2billion in 2016.

He described the Fayemi as a man of vision who in spite of the challenges in the sector has taken the sector to a higher level.

Senator James Manager also expressed happiness that the sum of N30 billion has been approved by President Muhammadu Buhari from the Natural Resource Development Fund for the solid minerals sector, pointing out that if the approved fund was appropriated in the 2017 budget, the ministry’s revenue profile would definitely increase.

Earlier, Dr. Fayemi lauded the members for their interest in the sector, saying his ministry has translated President’ Buhari’s vision of diversifying the economy through the mining sector into a roadmap. He said that the roadmap has since been approved by the Federal Executive Council (FEC).

He said the recent approval of N30 billion intervention fund from the Natural Resources Development Fund was the first of its kind for the sector.