The Mines and Steel Development Ministry contributed more than two billion naira to the federation account in 2016.
Minister of Mines and Steel Development made this revelation during the ministry’s end of the year review and inauguration of the mining implementation strategic team in Abuja.
Kayode Fayemi says with the present cash crunch occasioned by fall in global crude oil prices, the government is divesting its economy to be able to make appreciateable impact in peoples lives
He insists the mining sector is proving a formidable source of alternative revenue generation and the authorities are tapping into it like never before.
The Minister reveals about 100 million dollars intervention fund is being sought from the government to focus on exploration for artisan and miners.
On Ajaokuta Steel Rolling Company, Fayemi says a modified concensus plan is in place that’ll allow the Federal government take full ownership.