{"id":45599,"date":"2016-01-14T21:03:06","date_gmt":"2016-01-14T20:03:06","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=45599"},"modified":"2016-01-14T21:05:49","modified_gmt":"2016-01-14T20:05:49","slug":"ministry-to-spend-over-n700million-for-website-updates","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/ministry-to-spend-over-n700million-for-website-updates\/","title":{"rendered":"Ministry To Spend Over N700million For Website Updates"},"content":{"rendered":"<p style=\"text-align: justify;\"><a href=\"http:\/\/pointblanknews.com\/pbn\/exclusive\/ministry-to-spend-over-n700million-for-website-updates\/attachment\/minsitry-of-solid-minerals-budget\/\" rel=\"attachment wp-att-45600\"><img decoding=\"async\" class=\"size-full wp-image-45600\" src=\"http:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2016\/01\/Minsitry-of-Solid-Minerals-Budget.png\" alt=\"Minsitry of Solid Minerals Budget\" width=\"1024\" height=\"640\" srcset=\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2016\/01\/Minsitry-of-Solid-Minerals-Budget.png 1024w, https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2016\/01\/Minsitry-of-Solid-Minerals-Budget-640x400.png 640w, https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2016\/01\/Minsitry-of-Solid-Minerals-Budget-768x480.png 768w, https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2016\/01\/Minsitry-of-Solid-Minerals-Budget-600x375.png 600w, https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2016\/01\/Minsitry-of-Solid-Minerals-Budget-585x366.png 585w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">The Federal Ministry of Mines and Steel Development is proposing to spend\u00a0a scandalous sum of N795, 234, 275million annually \u00a0for its website update,\u00a0according to a document from the budget office of the Federal Ministry of\u00a0Finance currently trending on twitter.<\/p>\n<p>The sum allocated for website update is about N200million lower than what\u00a0was budgeted for the development of the Solid Mineral Sector in the same\u00a0Ministry.<\/p>\n<p>It cost less than N200, 000 monthly to update website such as\u00a0Pointblanknews.com and other big news websites with huge files.<\/p>\n<p>Minister of mines and steel development, kayode Fayemi, had revealed that\u00a0that the nation\u2019s solid mineral sector was allocated only N1billion in the\u00a02015 budget.<\/p>\n<p>He further revealed that of the N1billion, only N352million was released\u00a0to the ministry and its several agencies.<\/p>\n<p>Speaking at the inaugural media briefing in Abuja on Monday, December 21,\u00a0Fayemi said over the past 5 years,the total capital allocation to the\u00a0ministry and its agencies in the federal budget had been less than<br \/>\nN10billion.<\/p>\n<p>Fayemi lamented that \u201cequally access to finance has been practically non-\u00a0existent from the banking industry. Indeed as at today,the banking sectors\u00a0exposure to the sector is less than 1 per cent of its total portfolio\u00a0which demonstrates the limited focus on the sector,\u201d he said.<\/p>\n<p>As a means of addressing these challenges the minister assured that he\u00a0would seek for funding similar to the NIRSAL funds in the nation\u2019s\u00a0agriculture sector to help in funding exploration and other mining\u00a0activities.<\/p>\n<p>According to him, based on current data, Nigeria\u2019s solid minerals sector\u00a0makes up about 0.34 per cent of the gross domestic product(GDP) adding\u00a0that based on current official exchange rates,the mining sector<br \/>\ncontributes N400b illion value to the economy.<\/p>\n<p style=\"text-align: justify;\">\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Federal Ministry of Mines and Steel Development is proposing to spend\u00a0a scandalous sum of N795, 234, 275million annually \u00a0for its website update,\u00a0according to a document from the budget office&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":45601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-45599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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