14 December 2012, Sweetcrude, Abuja – Nigeria has lost N4.048 billion in royalties, the Nigeria Extractive Industry Transparency Initiative, NEITI, said in its inaugural solid minerals sector audit report released, Thursday, in Abuja. The report covers the period, 2007 to 2010.
The loss arose from illegal mining and lack of capacity to monitor production in the quarries by the Ministry of Mines and Steel Development.
The audit did not include production by the artisanal and small miners, but focused more operations of construction companies.
Presenting the report in Abuja, chairman of the NEITI National Stakeholders Working Group, Mr Ledum Mitee, studies conducted in the sector in the period covered by the report showed a discrepancy between government receipts and payments by operating firms.