Show Us the Money: NASS Summons Ministers Over Nigeria’s Economic Diversification Promises

By Achimi muktar

The National Assembly has summoned key players in Nigeria’s economic management, demanding answers about the Federal Government’s commitment to reducing its reliance on crude oil revenues. The Ministers of Finance, Wale Edun, and Budget and Economic Planning, Abubakar Bagudu, along with the Director-General of the Budget Office, Tanimu Yakubu, are expected to face the Senate and House of Representatives Joint Committees on Solid Minerals.

At the heart of the grilling is the meager N9 billion allocated to the Ministry of Solid Minerals in the 2025 budget, a figure lawmakers have called insufficient for driving Nigeria’s much-touted economic diversification agenda.

Promises vs. Reality: The Struggle for Funding

The Minister of Solid Minerals, Dele Alake, while defending his ministry’s budget on Monday, revealed the uphill battle to secure adequate funding. He disclosed that the ministry was initially allocated a mere N5 billion, a sum that only increased to N9 billion after intense lobbying efforts.

Alake’s testimony raised eyebrows when lawmakers questioned why his close relationship with President Bola Tinubu had not resulted in better funding for the critical sector. In response, the minister reaffirmed Tinubu’s commitment to economic diversification, pointing to the inclusion of solid minerals in the Renewed Hope Agenda. However, he refrained from sharing details of his discussions with the president.

Legislators Demand Accountability

The joint committee co-chairs, Senator Ekong Samson and Honourable Gaza Jonathan, expressed frustration over the paltry budget, calling it inadequate for unlocking the potential of the solid minerals sector. Samson highlighted the importance of strategic investments, drawing comparisons with nations where solid minerals significantly boost economic stability.

“Nigeria’s economy needs solid minerals to become a backbone for revenue generation, not an afterthought,” Samson asserted. “We can’t achieve diversification with token allocations.”

The lawmakers also criticized the Federal Government’s apparent lack of urgency in funding alternative revenue streams, despite repeated pledges to prioritize the sector.

Budget Defense Postponed

In light of the concerns, the committees postponed the Ministry of Solid Minerals’ budget defense until the summoned officials provide clarity on the rationale behind the allocation. The lawmakers are expected to probe the government’s broader economic plans and question whether the meager funding aligns with its diversification goals.

A Test of Commitment

This development casts a spotlight on the Federal Government’s economic diversification promises, raising questions about the sincerity of its policies. As Nigeria grapples with fluctuating oil prices and mounting economic pressures, stakeholders are keen to see if the Tinubu administration will walk its talk on creating sustainable revenue streams.

With the summoned officials expected to appear before the committees today, Nigerians are waiting for answers—and a tangible plan to break free from the oil dependency that has defined the nation’s economy for decades.