FEC approves N30bn intervention fund for mining

 

 Minister of Mines and Steel Development, Kayode Fayemi
Minister of Mines and Steel Development, Kayode Fayemi

The Federal Executive Council (FEC) on Wednesday approved a sum of N30 billion as intervention fund for the mining sector.

The Minister of Mines and Steel Development, Kayode Fayemi, said this while briefing State House reporters on the outcome of the FEC meeting presided over by President Muhammadu Buhari.

Fayemi stated that the approval was sequel to the ratification of a memo by his ministry.

The minister explained that the intervention would focus on exploration which, he noted, is the heart of mining.

According to him, this is in fulfilment of the president’s commitment to the diversification of the economy.

The Minister of Mines and Steel Development, Kayode Fayemi, said this while briefing State House reporters on the outcome of the FEC meeting presided over by President Muhammadu Buhari.

Fayemi stated that the approval was sequel to the ratification of a memo by his ministry.

The minister explained that the intervention would focus on exploration which, he noted, is the heart of mining.

According to him, this is in fulfilment of the president’s commitment to the diversification of the economy.