Solid Minerals Profit Rises To N69.47bn – NEITI

Nigeria has earned about  N69. 47bn from the solid minerals sector as at 2018 being the country's highest earnings from the industry in 12 years, an audit report by the Nigeria Extractive Industries Transparency Initiative stated.

According to the report on Sunday, the figure showed an increase of N 16.71bn representing 31.67 per cent over the 2017 revenue of N 52.76bn .

The N69. 47bn earnings accounted for 16. 69 per cent of the total revenue of N416 .3 bn that accrued to the sector from 2007 to 2018.

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.

A breakdown of the receipts showed that taxes to the Federal Inland Revenue Service accounted for N65. 69bn, representing 94. 56 per cent of the total.

However, the fees and royalties paid to the Mines Inspectorate Department and Mining Cadastre Office accounted for N 2. 21bn (3. 18 per cent ) and N 1. 57bn (2 .26 per cent ) respectively.

The report showed that , “ Nigeria has published eight cycles of solid minerals audit reports since it signed up to the Extractive Industries Transparency Initiative.

“ The sector has contributed N 416. 32bn in revenues to the federation in 12 years. Over a half of this figure or N279 bn was earned between 2015 and 2018.”

According to NEITI, over the years, there had been an immense increase in revenues accruing to the federation starting from the solid minerals sector.