By; SUNDAY ODE, Abuja.
The Federal Executive Council (FEC) on Wednesday approved N30 billion as intervention fund for the development of the mining sector.
Briefing State House correspondents on the outcome of the FEC meeting presided over by President Muhammadu Buhari, Minister of Mines and Steel Development, Dr Kayode Fayemi, said a good chunk of the money would be spent on mining exploitation.
Fayemi also stated that research development, security and mining survey and small scale miners would benefit from the approved fund.
The minister who stated that there would be collaboration with relevant ministries such as transport and agriculture, explained that the approval by FEC had raised the bar on the diversification policy of the Buhari-led administration.
The Council also approved the concessions of the narrow Guage railway system in the country principally to aid the movement of agricultural produce in the country.
According to the Minister of Transportation, Rotimi Amaechi who also briefed on the outcome of the FEC meeting, the government had, to that extent, ratified the the appointment of a team of experts as its representatives in the negotiation with General Electrics (GE), an American company.
