Home | News | Mining sector generates N4.96bn in two years – RMAFC
‘FG committed to improving reading culture’
Why APC will lose 2019 general election – Ex-PDP chairman, Secondus

Mining sector generates N4.96bn in two years – RMAFC





Mr Shettima Abba-Gana, Acting Chairman, Revenue Mobilisation Allocation and Fiscal Commission ( RMAFC ) says the mining sector was generating less than capacity due to activities of illegal mining.

In an interview with the News Agency of Nigeria ( NAN ) on Thursday in Abuja, Abba-Gana said the sector generated only N14.9 billion between 2015 and 2016.

Read also: Mining is long-term investment, PwC chief tells investors

He said that the revenue accrual from the sector was not encouraging and “too low’’.

“RMAFC believes that the revenue from the solid minerals sector is still below 20 per cent.

“This is mainly due to the activities of illegal miners who constitutes more than 70 per cent of mining activities and do not pay tax.

“While the price rates of the minerals in the international market keep rising, the rates of the minerals in Nigeria remained constant at lower rates.

“Therefore, if all leakages are blocked, the sector can generate up to N500 billion,’’ he said.

Abba-Gana also said the sector generated N16.2 billion from 2008 until date, adding that the total shared was N9.9 billion with a balance of N6.29 billion left.

He noted that the observed variance/amount in the escrow account was N1.34 billion.

According to him, N1.34 billion is still in the solid mineral Federation Accounts Allocation Committee ( FAAC ) sub-account in the Central bank of Nigeria ( CBN ) awaiting submission of data from Ministry of Mines and Steel Development ( MMSD ) for attribution.

The RMAFC monitors accruals into the federation account and the disbursement of revenue from it.


Tags:

RELATED LINKS

CLICK HERE TO READ MORE FROM: News Visit website


view more articles

About Article Author

Mining sector generates N4.96bn in two years – RMAFC
Chuka (Webby) Aniemeka

Chuka is an experienced certified web developer with an extensive background in computer science and 18+ years in web design &development. His previous experience ranges from redesigning existing website to solving complex technical problems with object-oriented programming. Very experienced with Microsoft SQL Server, PHP and advanced JavaScript. He loves to travel and watch movies.

View More Articles

100 Most Popular News

1 2 3 4 5 Displaying 1 - 100 of 482