We’re exploring options to ramp up revenue for FG – Senate

The Senate has said it is reviewing policies and exploring trajectories to ramp up revenue for the federal government.

The Chairman Senate committee on Solid Minerals Development, Senator Ekong Sampson (Akwa Ibom South), disclosed this on Tuesday during the committee’s oversight function at The Federal Ministry of Solid Minerals Development in Abuja.

The senator was responding to a question on calls for a policy to safeguard the operations of local miners to make their investments sustainable.

He said, “What you need to know is that there is going to be a review of policy. We are exploring trajectories to ramp up revenue for the government through proper consultations and collaboration. We need to firm up the economy.

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“So we are committed to working together and the important thing is that this sector needs attention and having a very committed Nigerian as minister, working closely with the National Assembly, better days are ahead.

“This sector is crucial to our economy, and we are impressed by the improved revenue profile. Together with the ministry and through active collaboration, we are confident in our ability to drive sustainable development in this essential sector.”

He also stressed the need for a robust legal framework to address the issue of illegal mining, saying, “Illegal operators not only undermine revenue but also disrupt oversight functions.”

Speaking during the visit, the minister of Solid Minerals Development, Dr Dele Alake, disclosed that the ministry raked in about N20 billion into the Federation Account as at the end of September, 2024.

“The report of our revenue collection is also there. We have recorded over N17 billion and if you compare that with the performance in 2023, you will see a quantum leap, and about two weeks ago, we were able to secure a N2.7 billion forfeiture from an illegal operator engaging in illegal mining operation.”

Senators Kabeeb Mustapha (Vice Chairman);  Senator Osita Ngwu,  (Enugu West); Diket Plang (Plateau Central) and many other senators were part of the event.