FIRS Hopeful Solid Minerals Sector Will Support Economy

Acting Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zachaeus Adedeji, has expressed optimism that the solid minerals sector would play a pivotal role in bolstering the nation’s economy.

In a meeting with the Minister of Solid Minerals, Mr. Dele Alake, Adedeji emphasised the sector’s potential to rescue the country from its heavy reliance on the declining oil and gas industry.

Adedeji stressed that the solid minerals sector, with its highest taxable limit of 18 percent of the Gross Domestic Product (GDP), could substantially contribute to Nigeria’s revenue. Currently, the country’s oil and gas sector accounts for a significant 78 percent of taxable income, making diversification into solid minerals increasingly imperative.

“This is our next oil, and that is why we are here. If we get it right in this sector, it means the future of Nigeria is secured. We are confident in having Dr. Oladele Alake as the minister of Solid Minerals because half of our job is secured.”

In response, Alake reaffirmed Nigeria’s commitment to achieving economic growth and prosperity.

Read Also:Wanted Suspect In Mohbad’s Death, Primeboy Surrenders To Police

He outlined the administration’s initiatives, policies, and programs designed to revamp the economy in alignment with President Bola Ahmed Tinubu’s Renewed Hope agenda.

The minister stressed the importance of precise data collection, stating that “we will invest heavily in data generation, concise and precise data generation that will empower and enable investors to make informed decisions. This commitment forms a crucial part of the renewed strategy to tap into the $700 billion value of minerals beneath Nigeria’s soil.”