Buhari to re-direct N5000 stipend

President Muhammadu Buhari

Reacting to President Muhammadu Buhari's statement that he was considering committing the N5,000 social security stipend in the country into developing infrastructure, schools, agriculture and mining sectors in the country an indigenous mining company, NASAMAN Mining Company Limited, on Thursday applauded the President’s recent pledge to revamp these sectors. 

Prince Mamman Ali, the company’s Chairman, endorsed the President's position at a seminar by the Institute of Management Consultants (IMC) in Abuja, yesterday where he awarded a Fellow of the Institute in recognition of his outstanding professional standing and corporate governance excellence.

President Buhari was recently quoted in Saudi Arabia as saying that: “On the N5,000 as social security, I have got a slightly different priority. I would rather do the infrastructure, the schools and correct them and empower agriculture and mining so that every able-bodied person can go and get work instead of giving N5,000 to those who don’t work.’’

Ali said the president’s declaration has elicited joy, hope and enthusiasm among many stakeholders in the nation’s mining community.

Specifically, he told the audience that his company has received enquiries from potential investors who are keen about mining in Nigeria.

Ali said the company started mining in 2,000 with bright prospects notwithstanding that the terrain was characterised by under-development, obscurity, low artisanal skills compounded by institutional tardiness which he said allowed massive importation of salt and iron ore.

“But we thank God that our efforts are being appreciated today with this award. It is exciting to hear President Buhari declare in Saudi Arabia recently that he would use the N5,000 monthly stipend to empower the youths by developing infrastructure, agriculture and mining.

“We have advocated this for over 15 years. Since crude oil sales have fallen, we have to explore the non-oil sector where mining holds the ace for this country,’’ he said.

Accordingly, he said the mining sector can conveniently create over five million jobs through increase in skills acquisition, raise government’s revenue base significantly, accelerate economic diversification, attract foreign direct investment and contribute to the rapid social, economic and institutional development of the mining communities across the country.

He therefore urged the president to go to the next step of his declaration by setting out the necessary outlines capable of actualising the policy objectives which he said should include providing a mining intervention fund for investors to fast track the development of the sector.

Nasaman Mining Company Limited, the statement noted is headquartered in Abuja with a working partnership with United Nation’s Adviser, Mr. Henry Mitchell. Nasaman has been mining gold, iron ore, coal, bauxite, tantalite, cassitarite, precious and semi-precious stones around Niger, Kogi, Zamfara and Kebbi States, among others.