By Nathaniel Zacchaeus, Abuja

The Senate yesterday announced a comprehensive plan to support the executive arm of government to realise adequate revenue to defray Nigeria’s debt profile and fund the annual national budget,

The Red Chamber said the informal sector and solid mineral development would be its major focus in its plans to revive the nation’s economy.

It revealed plans to legislate on the Nigerian Minerals and Mining Act (Repeal & Re-enactment) Bill, 2023 (HB. 87).

The bill was read by former Senate Leader, Senator Ibrahim Gobir for the first time on May 27, 2023.

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The bill is expected to replace the old legislation guiding mining in Nigeria which the country has been operating since 2007 known as the Nigeria Mineral and Mining Law that has become obsolete.

The Chairman of the Senate Committee on Finance, Senator Sani Musa, disclosed in a statement made available to ThisNigeria.

*Says Nigeria would realise 80% of revenue from the informal sector

Musa said his Committee was focussing on the informal sector which constitutes about 80 per cent of the Nigerian Economy.

The Senator, who is representing Niger East Senatorial District, said his committee will carry out necessary legislative actions to empower the informal sector with spotlight on mining.

He said, “The informal sector, particularly the mining industry, is a hidden gem in our revenue potential.

“This was corroborated by the Ministry of Mines and Steel Development (MMSD) that the solid minerals can generate about $3bn annually. We will dedicate our efforts to understanding and nurturing this sector with appropriate legislation with emphasis on formalising artisanal and medium-scale mining activities.

“This strategic move will bring economic benefits while promoting safer and more responsible practices. We will harness and raise revenue sources from both the Blue Marine and the creative economies, by setting targets.

“The committee will legislate to encourage regulations of consumption and production, facilitate enabling environment through legislation for domestic Industries to develop and stimulate economic growth through direct foreign investments inflow.”

The Senate panel further pledged that it would uphold fiscal discipline which it noted, was pivotal to the nation’s financial health.

The statement read, “As Senate Finance Committee, we will fasten our commitment to prudent revenue sourcing. We will ensure that every income earned is accounted for so that our nation’s priorities and development goals can be addressed.

“The committee will ensure that the annual budget aligns with the Medium-Term Expenditure Framework and fiscal strategy paper to ensure a coherent roadmap, bridging medium-term aspirations.”

The panel noted that the Nigerian economy currently stands at a critical juncture, navigating through a complex web of economic challenges that necessitate strategic and informed policy responses.

It explained that the recent removal of fuel subsidies had added to the burden felt by many citizens, underlining the urgency for comprehensive measures that would stabilise the economy.

“The recent removal of fuel subsidies which decision was the best, has added to the burden felt by many citizens, underlining the urgency for comprehensive measures that not only stabilise the economy but also ensure equitable access to necessities and opportunities for all segments of society.

“The President of the Senate His Excellency Senator Godswill Akpabio, CON has given the committee a marching order to as a matter of national concern and interest embark on serious legislative oversight of all Revenue Generating Agencies with a view to making sure all revenue income are deposited in the federation account, identify defaulting agencies and prescribing sanctions where necessary in line with extant legislation and also by the Fiscal Responsibility Act,” he stressed.

The measure it added, would ensure equitable access to basic necessities and opportunities for all segments of the society.

The country, according to the panel, “Is faced with dual challenges of rising debt and insufficient revenue which demand our immediate attention.”