Policy inconsistency in the solid mineral sector has continued to deprive Nigeria of potential huge revenue from the sector, ministerial nominee, Mr Taiwo Oyedele has said.
According to him, lack of definite legislation to regulate mining activities in the sector has robbed the country of huge revenue.
Oyedele made allusions to the LNG sub sector which suffered policy inconsistency in the past, forcing investors to avoid investing in the LNG.
“But with the right legislation by the National Assembly, the LNG became the success story that it is today. Once we can fix the policy, we will get there,” he said.
The nominee said if confirmed, he would work with the National Assembly, with a view to putting in place the right laws to regulate activities in the sector.
Oyedele attributed the dwindling national revenue to the fact that the Nigerian economy is largely public sector-driven.
He however said the federal government has been working towards private sector-driven economy.
Answering a question on the pervasive poor budget implementation, especially the capital component, Oyedele said the budget projections are mainly unrealistic.
“Nigeria’s budget in the last five years were too ambitious for the available resources. There is a need for realistic revenue and effective cash management system,”.
Oyedele argued that by removing fuel subsidy, the government has taken money from the people for itself, as such, the resources therefrom must be used for roads, medicare and other people-oriented services.
On the ongoing Iran-Us-Israel war, Oyedele said Nigeria will continue to feel the impact, especially in rising cost of fuel and other petroleum products.
He recalled that the 2026 budget was premised on $68 per barrel, noting that the Iran war has shot proces up above $100 per barrel.
This, he said, will continue to affect local prices of petrol and other petroleum products almost on an hourly basis.
