Business News

Investments in solid minerals will boost economy, says FIRS boss

The Acting Chairman of the Federal Internal Revenue Service (FIRS), Zaccheaus Adedeji has revealed that a calculated investment in the solid minerals sector can significantly boost the Nigerian economy and contribute to GDP growth.

Adedeji said the Federal Government could grow the sector to shore up earnings into the Federation Account.

He made this statement during a visit to the Minister of Solid Minerals Development, Oladele Alake, in Abuja.

Describing solid minerals resource as the golden goose of the Tinubu administration, Adedeji said:

Speaking on the sector’s relevance to tax revenue generation, the FIRS chairman said that its highest taxable limit at 18% of the Gross Domestic Product (GDP), is a stark contrast to the declining oil and gas sector, which currently contributes 78%.

On his part, the Minister of Solid Minerals, Dele Alake, stated that the President’s determination to raise the country to new heights and enhance the well-being of the people is the cornerstone of the administration’s vision and agenda.

At another forum, Alake reiterated the government’s commitment to data gathering on mineral deposits in the land.

He spoke while hosting the President/Chief Executive Officer, of Africa Finance Corporation (AFC), Mr. Samaila Zubairu, in Abuja.

According to the Minister, the solid minerals sector’s transformation into a revenue-generating cornerstone is on Tinubu’s Administration’s agenda list.

Alaba Balogun, the information spokesman for the ministry, conveyed Alake’s appreciation for AFC’s backing of the Tinubu administration’s efforts to revamp the solid minerals sector.

He said,

The establishment of the Ministry of Solid Minerals is part of President Tinubu’s effort to diversify the economy and expand the country’s revenue landscape and economic development.

According to the Minister of Solid Minerals, the sector is valued at over $700 billion and the country is well-placed to meet the global demand for critical solid minerals.

Alake said this while speaking on the sidelines of the United Nations General Assembly (UNGA) in New York.

He said,