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FG earns N39.648 trillion revenue in 5-years - NEITI

FG earns N39.648 trillion revenue in 5-years – NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that the total revenue accruing to the Federal Government in the last five years from all sectors is N39.648 trillion.

The solid minerals sector, according to NEITI, contributed N308.43 billion, representing 0.78 per cent.

This was made known in the NEITI’s Solid Minerals Industry Audit Report 2019, obtained by newsmen on Monday.

The document said of the total N10.215 trillion revenue that the Federal Government generated in 2019, the solid minerals sector contributed N74.87 billion.

In terms of export, the report noted the solid minerals sector accounted for N124 billion of the total national exports of N24.275 trillion in 2019, representing 0.51 per cent of total for the year.

According to the report, in 2015 the solid minerals contribution to export was 1.44 percent; in 2016 it was 0.13 per cent; in 2017 it was 0.57 per cent; in 2018 it was 0.34 percent; and in 2019 it was 0.43 per cent.

The report said the total number of persons in the labour force in 2019 was estimated to be 80,291,894.

NEITI added that the solid minerals sector accounted for 18,545 employees with 294 reportedly employed in 2019; however, this information is limited to the 74 companies covered in the report.

The report said the Ministry of Mines and Steel Development, through Mines Environmental Compliance Department (MECD), has in the past 18 years reclaimed 33 abandoned mine sites in Nigeria costing N2.394 billion.

Besides, NEITI noted that in 2019, six mining sites were reclaimed in Plateau and Ebonyi States.

The report said: “To address funding issues facing the sector, the Federal Government provided an intervention fund of N30 billion to fund exploration projects that will generate the needed geosciences data and to provide the necessary regulatory framework to enable sectoral growth (MMSD press briefing, 2019).

According to him, the ministry is currently working on Mineral Export Guidelines that will address the lingering issue of evading royalty payment on export minerals.

FG earns N39.648 trillion revenue in 5-years – NEITI

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