NEITI: Nigeria Earned N416bn from Solid Minerals Mining in 12 Years

Solid minerals mined from Nigeria between 2007 and 2018 contributed N416.32 billion in revenues to the federation, the Nigeria Extractive Industries Transparency Initiative (NEITI) has said.

In 2018 alone, the solid minerals sector contributed N69.47 billion to the federation revenue.

NEITI explained that the figure was the highest so far since it began to track and document payments in the sector.

NEITI, in a statement containing the result of its annual audit report on the sector for 2018, said the figure indicated an increase of N16.71 billion representing 31.67 per cent over the 2017 revenue of N52.76 billion.
The statement, which was signed by NEITI’s Director of Communications, Dr. Orji Ogbonanya Orji, noted that the N69.47 billion earned represented 16.69 per cent of the N416.3 billion the sector paid to the federation between 2007 and 2018.

NEITI 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.

In its breakdown of the receipts, it stated that taxes to the Federal Inland Revenue Service (FIRS) accounted for N65.69 billion or 94.56 per of the total payment in 2018, while fees and royalties paid to the Mines Inspectorate Department (MID) and Mining Cadastre Office (MCO) accounted for N2.21 billion or 3.18 per cent and N1.57 billion or 2.26 per cent of the earning respectively.

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