The Federal Government is projecting a revenue of over N250 billion from the solid mineral sector in 2016.
The projection was made on Friday by the Minister of Mines and Steel Development, Dr. Kayode Fayemi, at his ministry’s budget defence.
According to him, the ministry is putting measures in place to block revenue leakages and generate more money.
Members of the Senate committee, however, expressed concern over the fall in the revenue of the sector between 2014 and 2015 and queried how the ministry would generate money in the sector.
Responding, the Minister assured the lawmakers that the ministry had put appropriate measures in place to ensure that revenue was not lost.
Some of the senators suggested that the Federal Government should consider establishing a Solid Minerals Development Bank to facilitate access to funding for mining activities.