The solid minerals sector contributed N52.75bn to the revenue of the federation in 2017, a 21 per cent increase on the N43.22bn contributed by the sector in 2016, the latest report on the industry released by the Nigeria Extractive Industries Transparency Initiative on Sunday stated.
According to the report, the information and data followed an independent reconciliation of company payments and government receipts in the sector as carried out by NEITI.
From the sector’s total revenue contribution of N52.75bn, payments to the Federal Inland Revenue Service accounted for N49.162bn, which was about 93 per cent of the total revenue realised during the period under review.
Payments to the Mines Inspectorate Department, and Mining Cadastre Office amounted to N1.59bn and N2.08bn or about three and four per cent respectively of the total revenue from the sector.
NEITI, however, stated that except for revenue from MID, there was significant increase in revenue from all other streams in 2017.
Source: Punch Newspaper
