FG decries low access to N5bn solid minerals intervention fund

The Minister of Mines and Steel Development, Olamilekan Adegbite, on Wednesday expressed displeasure over the low access by miners to the N5bn Nigerian Artisanal and Small-Scale Miners Financing Support Fund.

Adegbite, represented by the Minister of State, Ministry of Mines and Steel Development, Uchechukwu Samson Ogah, spoke at a one-day workshop on artisanal and small scale mining support fund held in Abuja.

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He said few miners had applied and accessed the funds even as he promised the government would work with the Bank of Industry to reduce the conditions needed to access the loan.

He said: “As at September 30, 2020 a total of 138 applications totaling N14.59bn was received by the Fund and are at various stages of processing. So far, 13 loan applications totaling N1.08bn have been approved under the fund. Out of this, the sum of N311m has been disbursed as of September 30, 2020.”