The senate unfolded a comprehensive strategy that would enable the country to generate the required revenue to liquidate Nigeria’s debt profile and adequately fund the annual national budget.
Specifically, the upper chamber said the informal sector and solid mineral development would be the fulcrum of its plan to revive the country’s economy. It said it would expedite action on the Nigerian Minerals and Mining Act (Repeal & Re-enactment) Bill, 2023 (HB. 87) read by former Senate Leader, Senator Ibrahim Gobir, for the first time on May 27, 2023.
The bill is expected to replace the old legislation guiding mining in Nigeria, which the country has been operating since 2007, known as the Nigeria Mineral and Mining Law, that has become obsolete.
Chairman, Senate Committee on Finance, Senator Sani Musa, disclosed this in a statement made available to THISDAY on Sunday in Abuja.
The senate panel said it was seriously looking at the informal sector, which constituted about 80 per cent of the Nigerian economy.
Musa, who represents Niger East Senatorial District, said his committee would carry out necessary legislative actions to empower the informal sector, with spotlight on mining.
He added, “The informal sector, particularly the mining industry, is a hidden gem in our revenue potential. This was corroborated by Ministry of Mines and Steel Development (MMSD) that the solid minerals have the capacity to generate about $3 billion 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.
“This strategic move will bring economic benefits while promoting safer and more responsible practices.
“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.”
The senate committee further pledged that it would uphold fiscal discipline, which it noted, was pivotal to the country’s financial health.
The statement said, “As Senate Finance Committee, we will fasten our commitment to prudent revenue sourcing.
“We will ensure that every income earned is accounted for so that our nation’s priorities and development goals can be addressed.
“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.”
The committee noted that the Nigerian economy currently stood at a critical juncture, navigating through a complex web of economic challenges that necessitated strategic and informed policy responses.
It explained that the recent removal of fuel subsidies had added to the burden felt by many citizens, underlining the urgency for comprehensive measures that would stabilise the economy.
The measure, it added, would ensure equitable access to basic necessities and opportunities for all segments of the society.
It said the country “is faced with dual challenges of rising debt and insufficient revenue which demand our immediate attention”.
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