Monday, July 26, 2021

    NEITI: Nigeria scooped N69.47 billion from solid minerals sector in 2018

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    Godwin Okafor
    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

    The Nigeria Extractive Industries Transparency Initiatives (NEITI) said on Sunday the country earned N69.47 billion from the Solid Mineral sector in 2018.

    NEITI disclosed this in its latest audit report of the solid minerals sector released in Abuja, indicating that the figure was the highest since NEITI commenced the reconciliation of payments in the sector.

    It noted that the figure showed an increase of N16.71 billion representing 31.67 percent over the 2017 revenue of N52.76 billion.

    “The earnings N69.47 billion also accounted for 16.69 percent of the total revenues N416.3billion that accrued to the sector from 2007 to 2018,’’ it said.

    The audit report reconciled companies’ payments and government’s receipts from the sector in 2018 as well as tracked production volumes and trends of revenues from the sector to the federation account from 2007 to 2018.

    A breakdown of the figure showed that taxes to the Federal Inland Revenue Service (FIRS) accounted for N65.69 billion 94.56 percent of the total while fees and royalties paid to the Mines Inspectorate Department (MID) and Mining Cadastre Office (MCO) accounted for N2.21 billion 3.18 percent and N1.57 billion 2.26 percent, respectively.

    It revealed that Nigeria had published eight cycles of solid minerals audit reports since it signed up to the NEITI, adding that the sector has contributed N416.32billion in revenues to the federation in 12 years.

    It noted that over half of this figure or N279.0 billion was earned between 2015 and 2018. This, it said showed that there had been a remarkable increase in revenues accruing to the Federation from the solid minerals sector over the years.

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