NASS Doubts FG’s Commitment to Diversify Economy, Summons Edun, Bagudu, Budget DG

The National Assembly on Monday summoned the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, to explain the Federal Government’s commitment to diversify the country’s economy from its heavy dependence on crude revenues.

The Senate and House of Representatives Joint Committees on Solid Minerals, while summoning the ministers, raised concerns over the paltry funding of the Ministry of Solid Minerals in the 2025 budget.

Edun and Bagudu are to appear before the committees on Tuesday in company with the Director-General of the Budget Office of the Federation, Mr Tanimu Yakubu.

The committees, jointly chaired by Senator Ekong Samson and Honourable Gaza Jonathan, after the Minister of Solid Minerals, Mr Dele Alake, appeared before lawmakers on Monday to express the frustrations he had faced fighting hard to increase the budgetary allocations to the ministry without success.

Alake told the lawmakers that all his efforts could only get the ministry an initial envelope of N5 billion.

“In fact, to let you know, the envelope we first received was N5 billion. I don’t know if you are aware of that. It was N5 billion,” he informed the members.

Alake disclosed that when he stepped up mounting pressure on the ministers and the DG budget after President Bola Tinubu presented the estimates to the National Assembly, he was reassured that the allocation would be increased substantially only to be just N9 billion.

“The Permanent Secretary is here and the night before the president came here, when we were working on the rehearsal of the budget speech, the Director of Budget came in and the Minister of Budget and I took them up in the presence of the President. And what did they do? They promised that it would be done. So, again the following day, after the President’s presentation, we found N9billion,” he stated.

When asked why his close relationship with President Tinubu didn’t translate to getting improved funding for his plans for the solid minerals sector, Alake replied that not everything he discussed with the President could be made public.

Alake defended the president, arguing that he was not to blame for the funding challenges the ministry and its plans had suffered.

According to him, Tinubu is passionate about diversifying the economy, the reason it is a cornerstone of his reform agenda.

He added that, “Many members here have rightly noted that yes, my relationship with the President should be counted upon, I agree in-toto but there are several things that cannot be said in the open. I cannot be divulging the conversations I have had with the President on this issue in the open.

“I want to also emphasise, or maybe remind, distinguished Senators and honourable members, that if the President were not in tune or in sync with our vision, the diversification of the economy away from oil would not be a critical part of his programme of Renewed Hope Agenda. It wouldn’t be. He coined it, he carved it.”

Making his observations, Senator Sampson noted that in other climes, solid minerals development was the mainstay of their economies as exemplified by the huge annual funding provisions for the sector.

He spoke more, “We have seen how some economies are being managed.

“If we don’t invest in solid minerals, how do we diversify our economy? We have to diversify and we must do it masterfully.

“So, those concerned (Edun, Bagudu, Yakubu) have to appear before the joint committees to give us clear insights on what they intend to do).”

Also speaking, Honourable Jonathan told the session that Nigeria appeared unprepared for economic diversification, which he said must come with a robust plan and a budget to accomplish it.

The committees later put on hold thebudget defence of the ministry till today to hear from the invited ministers and the DG, budget office before taking any further decisions.