News
Nigeria Can Generate $3bn From Solid Minerals Annually -Senate
The Senate through its Committee on Finance has said that Nigeria could generate about $3bn from solid minerals.
The Chairman of the Finance Committee, Senator Sani Musa, in a statement on Sunday said the informal sector, particularly the mining industry, is a hidden gem in our revenue potential.
He also stated the Senate Finance Committee will seriously look at the informal sector which constitutes about 80% of the Nigerian Economy. The committee will look into empowering the informal sector with the spotlight on mining.
He said, “This was corroborated by the Ministry of Mines and Steel Development that the solid minerals have the capacity to generate about 2-3 billion US dollars 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.”
Musa noted that this strategic move will bring economic benefits while promoting safer and more responsible practices.
He added, “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.
“Upholding fiscal discipline is pivotal to our financial health. As Senate Finance Committee, we will fasten our commitment to prudent revenue sourcing, ensuring that every income earned is been accounted for so that our nation’s priorities and development goals can be addressed.”
He also noted that 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 with concrete fiscal plans, and fostering accountability in the efficient utilisation of resources.
The Senate Finance Committee also said it would extend unwavering support to the Presidential Committee on Fiscal Policy and Tax Reform in its ambitious endeavour to address the substantial annual revenue gap of 20 trillion Naira from non-oil sources and also to achieve an 18% tax-to-GDP ratio.
The lawmaker added, “In parallel, the Committee underscores its commitment to legislate on comprehensive tax reforms, a pivotal step towards augmenting revenue generation and fostering sustainable economic growth.
“Stringent Oversight of Revenue Agencies will be entrenched as our responsibility extends to overseeing the activities of revenue-generating agencies. Through rigorous oversight, we will ensure their transparency, accountability, and efficiency, thus maximising revenue collection for national development.
“We will leave no stone unturned as we embark on this transformative journey of renewed economic prosperity by embracing innovation, transparency, and untiring dedication, we will steer our nation towards prosperity, resilience, and shared progress in line with the Renewed Hope of President Ahmed Bola Tinubu’s administration.”
Musa also noted that some Ministries, Departments, and agencies are fiscally irresponsible and generate low revenue profiles.
He said, “In my capacity as the Chairman, the Senate Committee on Finance I’m very much aware and in the know of the economic and developmental challenges our country is going through, including the escalating debt burden, low revenue profile, and fiscal irresponsibility by some MDAs. In this pursuit, I pledge to lead the committee with diligence, innovation, and a steadfast focus on securing our nation’s economic prosperity.
“It is a known fact that the Nigerian economy stands at a critical juncture, navigating through a complex web of economic challenges that necessitate strategic and informed policy responses.
“ With a backdrop of low GDP growth which the Nigeria Bureau Statistics put at 2.51%, in the second quarter of 2023 lower than 3.54 % of the second quarter of 2022, persistent inflation, high unemployment, a mounting debt profile, and a limited revenue base, the economic landscape demands concerted efforts to address structural imbalances and foster sustainable growth.”
The lawmaker also extended his congratulations to the newly inaugurated Minister of Finance and Coordinating Minister of the Economy Mr Olawale Edun, stating that his position is that carries with it a profound responsibility for shaping Nigeria’s economic trajectory.
News
RSG Cancels ?134BN Secretariat Contract, Orders Refund Of ?20BN Mobilisation … Revalidates Four Projects
The Rivers State Executive Council has revoked the ?134bn contract awarded to the China Civil Engineering Construction Corporation (CCECC) for the renovation, retrofitting, and furnishing of the Rivers State Secretariat Complex by the State of Emergency Administration.
The council directed the immediate refund of the ?20bn mobilization fee already paid to the contractor.
Relatedly, the Council also approved the revalidation of the bidding processes for four contracts, consisting of the renovation of the State Secretariat Complex, construction of reinforced concrete shoreline protection and reclamation works in several riverine communities of Opobo/Nkoro, and Ogba/Egbema/Ndoni Local Government Areas. The projects earlier advertised for which bid documents were cancelled by the Emergency Administration and fees returned to the companies that had earlier purchased them.
The decisions were reached during the State Executive Council meeting held on Thursday at the Government House, Port Harcourt, and presided over by Governor Siminalayi Fubara.
Briefing newsmen, the Permanent Secretary, Ministry of Works, Dr. Austin Ezekiel-Hart explained that the contracts had been awarded in a hasty manner without following due process. He said the council, therefore, approved the revalidation of the bidding process for all four contracts that were earlier advertised in national dailies on February 19, 2025.
With the revalidation process now on, Dr. Ezekiel-Hart stated that a fresh bidding will be advertised in newspapers for competent and experienced contractors to prequalify and submit both technical and commercial bids.
He listed the projects to include, “The construction of 4.8km reinforced concrete shoreline protection and reclamation of Queenstown, Epellema, Oloma, and Minima communities in Opobo/Nkoro Local Government Area in Rivers State. The construction of 2.5km shoreline protection and reclamation in Ndoni-Onukwu, Isikwu, and Aziazagi communities in Ogba-Egbema-Ndoni Local Government Area.
“The construction of 2.5km shoreline protection and reclamation in Utuechi, Obiofu, Isala, Ani-Eze, and Odugri communities in Ogba-Egbema-Ndoni Local Government Area. The renovation, retrofitting and furnishing of the Rivers State Secretariat Complex,” he added.
Also speaking, the Permanent Secretary, Ministry of Education, Dr. Azibaolanari Uzoma-Nwogu, announced that the council approved the constitution of a committee to develop a proposal for the creation of Computer-Based Test (CBT) Centres and ICT Laboratories across the three senatorial districts of the state.
She explained that the initiative is in line with the Federal Government’s directive that beginning in 2026, all examinations conducted by the West African Examinations Council (WAEC) and the National Examinations Council (NECO) will be computer-based.
The committee, chaired by the Deputy Governor, has the Secretary to the State Government, Permanent Secretaries from the Ministries of Education, Works, Information and Communications and Commissioner for Energy as members. Dr. Uzoma-Nwogu said the move will prepare Rivers youths for a digital future and improve the quality of education across the state.
On issues of employment, the Commissioner for Employment Generation and Economic Empowerment, Dr. Chisom Gbali, said the council reviewed ongoing efforts to create jobs for Rivers youths. He disclosed that his ministry has been directed to develop a framework for job creation and economic empowerment, noting that the government is determined to open up more opportunities for the young population.
“We want to assure Rivers youths that there will be a rising tide of employment and steady waves of economic empowerment,” Dr. Gbali said. “We know our Governor, when he makes a promise, he ensures it is fulfilled.”
On his part, the Permanent Secretary, Ministry of Information and Communications, Dr. Honour Sirawoo, said council also deliberated extensively on the recent flash floods experienced in some parts of the state. He said the council directed immediate remedial intervention to address the situation, and cautioned residents against the indiscriminate disposal of waste into drainage channels and building on waterways, which worsens flooding.
Dr. Sirawoo further noted that Governor Fubara remains deeply committed to the development of Rivers State and determined to accelerate the pace of governance despite time lost. He added that the administration’s renewed focus and energy will soon place Rivers State firmly back on the path of sustainable growth and progress.
Rivers State Governor, Sir Siminalayi Fubara, has reaffirmed his administration’s commitment to the completion of the 62.650km Port Harcourt Ring Road project, despite the setbacks that have slowed its progress.
The Governor gave the assurance during an on-site inspection tour of the project on Monday, where he emphasised that the state government remains resolute in its determination to deliver the massive infrastructure for public use.
Addressing journalists at the Eneka Flyover axis of the project, Governor Fubara stated that his visit was to verify the level of compliance and commitment shown by the construction firm, Julius Berger Nigeria Plc.
Governor Fubara noted that discussions with the contractor had been ongoing to ensure that work resumes at full capacity after a period of financial challenges that affected the project’s continuity.
“You are aware that this project was, I won’t say abandoned, but somehow, for lack of funds, the contractor withdrew from the site. We have been discussing with them, and they gave me their word that although we have not finished all the discussions, they have already moved back to site, and I’m here to confirm that.”
The Governor described the Port Harcourt Ring Road project, which traverses six local government areas, as one of the most significant infrastructure undertakings in the state’s history, noting that its completion would not only ease traffic congestion in the capital city but also stimulate economic activities across multiple local government areas.
Governor Fubara reiterated his administration’s resolve to continue prioritising infrastructure development as a foundation for economic growth and social progress.
“I want to make this promise to our good people of Rivers State,” the Governor declared. “This project that we started, by the special grace of God, we are going to complete it. We owe our people a responsibility to deliver on our commitments, and this project will not be an exception,” he added.
The Governor of Rivers State, Sir Siminalayi Fubara, has charged the 2025 Batch B, Stream II National Youth Service Corps (NYSC) members deployed to the State, to use the NYSC skill acquisition training programme to build capacity.
Governor Fubara gave the charge on Tuesday when he declared closed, the 2025 Batch B Stream II orientation exercise in the State.
Represented by the newly sworn-in Secretary to the State Government and Chairman NYSC State Governing Board, Hon. Benibo Anabraba, Governor Fubara enjoined the Corps members to embrace skill acquisition wholeheartedly in order to elevate themselves as wealth creators and employers of labour.
“Take Rivers State as your home. Be assured of the warmth, hospitality, and accommodating disposition of the good of our people at all times.
“Take the skill acquisition and entrepreneurship development post camp training very seriously and equip yourselves with the capacity to compete favourably in the nation’s huge economic space,” he stressed.
The Governor called on the Corps members to see their mobilization into the NYSC Scheme as a fundamental way to provide humanitarian services.
“Remember that you owe it to yourself, family, and the nation, the responsibility to serve selflessly and honourably,” he admonished.
In his farewell address, the State Coordinator of NYSC, Mr. Moses Oleghe appealed to the Corps members to use the opportunity of the service year to discover their true purpose.
He further encouraged them to embody selfless service and empathy in serving the people.
The colourful ceremony witnessed a vibrant parade.