- Mining Ministry Accesses N15b Intervention Fund
The Ministry of Mines and Steel Development has accessed N15 billion from the N30 billion Mining Intervention Fund, the Minister of State, Mines and Steel Development, Alhaji Abubakar Bwari, has said.
The Federal Executive Council (FEC) in November 2016 approved N30 billion intervention fund for mining exploration.
Speaking in Abuja, Bwari said the fund was drawn from the Natural Resource Development Fund and given to the ministry as intervention fund to focus on exploration, which were the heart of mining.
He explained that the natural resource fund was meant primarily for the agriculture, mining and water resources sectors.
Bwari further said the N30 billion was meant to focus on exploration of minerals and other activities in the sector. He said with the release of the fund, the ministry would be awarding N14 billion contract for exploration of strategic minerals.
The Minister also stated that the ministry will be awarding another contract to cover minerals such as triphat and Phosphate among others that were not on the list of minerals that are currently being explored.
According to him, the ministry will also look at the possibility of Nigeria using its huge phosphate mineral deposits for fertilier to boost agricultural products.
The minister of state said that exploration would be conducted on the mineral to ascertain its quantity.
