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Solid Minerals Stakeholders Seek FG Intervention on diversion of N700 billion Funds

By on July 18, 2012

Stakeholders in the solid minerals sector under the aegis of Miners Association of Nigeria have called upon the Goodluck Jonathan administration to intervene over the diversion of N 700 billion in funding meant for the sector.

According to the Association’s president, Alhaji Sani Shehu, N 44 billion of the funds have disappeared during the diversion process.

Shehu said, “About a week ago, the Chairman of the Senate Committee on Public Accounts, Senator Ahmed Lawan raised an alarm on the diversion of funds meant for the sector into other unrelated frivolous uses.

“According to the law maker, over N700billion, which would have gone into the development of our vast mineral resources was expended on other uses, with N44billion missing in the process, while the solid minerals sector continued to suffer acute neglect.”

The association appealed to the Presidency to ensure that the balance of money left in the National Resources Development Fund be released to the Solid Minerals Development Fund as a take off grant.

Shehu also appealed to the president to come up with a formula for the distribution of the money in the fund, and curb the criminal diversion of the monies within the fund.