Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Mining sector can generate N500bn if leakages are blocked – RMAFC boss

    Mining sector can generate N500bn if leakages are blocked – RMAFC boss

    September 23, 2017
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Acting Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr.Shettima Umar Abba-Gana.

    Oscarline Onwuemenyi

    23 September 2017, Sweetcrude, Abuja – The Acting Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr.Shettima Abba-Gana, has said the mining sector was generating less than capacity due to activities of illegal mining, noting that the sector generated only N4.9 billion between 2015 and 2016.

    Abba-Gana, who was speaking to reporters in Abuja, said the revenue accrual from the sector was not encouraging and too low.

    He said, “RMAFC believes that the revenue from the solid minerals sector is still below 20 percent.This is mainly due to the activities of illegal miners who constitute more than 70 percent of mining activities and do not pay tax.

    “While the price rates of the minerals in the international market keep rising, the rates of the minerals in Nigeria remained constant at lower rates. Therefore, if all leakages are blocked, the sector can generate up to N500 billion.”

    Abba-Gana also said the sector generated N16.2 billion from 2008 until date, adding that the total shared was N9.9 billion with a balance of N6.29 billion left.

    He noted that the observed variance/amount in the escrow account was N1.34 billion. According to him, N1.34 billion is still in the solid mineral Federation Accounts Allocation Committee (FAAC) sub-account in the Central Bank of Nigeria (CBN) awaiting submission of data from Ministry of Mines and Steel Development (MMSD) for attribution.

    The RMAFC monitors accruals into the federation account and the disbursement of revenue from it.

    Related News

    Tinubu pardons Ken Saro-Wiwa, confers national honours on Ogoni Nine

    NCDMB Executive Secretary becomes member of APPO Board

    Nigeria dismisses reports on crude oil forward sale collapse

    E-book
    Resilience Exhibition

    Latest News

    LASG approves seven dedicated truck parks for Lekki Port axis

    June 13, 2025

    NCDMB Executive Secretary joins AEW 2025 amid focus on enhancing local capacity

    June 13, 2025

    AfDB to provide $184.1m for Africa’s largest solar energy and battery storage project

    June 13, 2025

    NSC seeks closer collaboration with Police to boost port enforcement

    June 13, 2025

    Can the African Energy Bank transform the continent’s refining and downstream future?

    June 13, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.