Minister of Mines and Steel Development, Kayode Fayemi, has accused past administrations of having denied the sector an opportunity to access the Natural Resource Fund.
He alleged that the fund was used for some other fraudulent causes other than the purpose for which it was set up.
Fayemi, who spoke at the National Council on Finance and Economic Development (NACOFED) in Abeokuta, Ogun State, said President Mohammadu Buhari had already given approval for his ministry to access part of the fund.
According to a press statement by his Special Assistant on Media, Mr. Olayinka Oyebode, the minister equally disclosed that the state governments were now beneficiaries of the 13 per cent derivation from mining revenue.
He stated that the Federal Government would soon make available an intervention fund to be accessed by serious-minded operators in the mining sector.
According to him, the intervention fund would be sourced from the National Resource Fund.
Fayemi expressed optimism that access to the mining intervention fund coupled with funding to be provided by banks would help lift the sector.
He said, “This is a significant shift that signposts our commitment to facilitating a win-win situation for all stakeholders.”