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CHEMICAL & PETRO-CHEMICALCOVERNEWSLETTER

“Solid Minerals Sector Generates N10.8billionn In 2015” – RMAFC

The Revenue Mobilization, Allocation and Fiscal Commission, RMAFC, on Friday, January 22, said the solid minerals sector generated 10.8 billion in 2015.

The acting Chairman of the commission, Shettimma Abba-Gana, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja.

Abba-Gana said that the states that contributed to the revenue generated had been paid 13 per cent of the sum based on the principle of derivation.

He said the derivation principle affected both the oil mineral producing states and those producing solid minerals as well.

“Some states did not generate much but some states did generate a lot and those states got some money,” he said.

“So virtually all the states, any revenue that came to the federation account from that 10.8b, states got their 13 per cent.

“But that is the beginning, they now know that they can get it so they will also now begin to monitor more and more whatever revenues in solid minerals in their states will now come into this.

“Virtually every state in the federation has some solid minerals to varying degree and to varying types and so no state should be idle, every state has something.

“Therefore if states begin to show interest in those solid minerals in their states, they can look for investors.

“They can partner with those investors, invite them, encourage them, create an enabling environment for those investors to come and work on those solid minerals in the state.’’

 

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BWN
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Comments (1)

  1. The contribution of the solid mineral sector to the economy is abysmally, and ought to be doing much better as Nigeria is immensely rich in solid minerals. It is laughable to observe states and local governments cry of lack of funds, when they have such wealth locked in their land, sea and air ways. It is is time for fed., states and the private sector to launch a serious joint participation to exploit this sector for the sake of the poor masses of Nigeria.

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