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 » Govt plans Mining Industry Tax Act to improve revenue

    Govt plans Mining Industry Tax Act to improve revenue

    September 22, 2013
    Share
    Facebook Twitter LinkedIn WhatsApp

    musa-mohammed-sada22 September 2013, Abuja – The Federal Government is planning a Mining Industry Tax Act to address the revenue challenges in the solid minerals sector, Minister of Mines and Steel Development, Mr. Musa Sada, has said.

    Sada said the government would, as part of efforts towards achieving this, be developing a sector-specific fiscal regime that would put the Tax Act in place.

    The minister spoke as he urged operators in the mining sector to cooperate with the Nigerian Extractive Industries Transparency Initiative, NEITI, in the generation of relevant data for the 2011 solid minerals sector audit or risk a revocation of their licence.

    He explained that the 2007-2010 NEITI audit report helped expose numerous lapses in the sector, adding that this enabled the ministry to strengthen its system by closing up the gaps and improving on revenue collection as well as accountability in tax and royalty regimes.

    Warning operators to shun acts that could work against the goals of the planned audit, he revealed that the ministry has commenced collaboration with infrastructure ministries to facilitate proper assessment of revenues.

    “It is important that I state here that cooperating with NEITI during this audit period is mandatory otherwise, you will be in default of the Nigerian Minerals and Mining Act, 2007, which is very clear on the declaration of all results of your mining operations.

    “The penalty for non-disclosure of required information may include revocation of mining licences, among others,” Sada said at a NEITI workshop for the 2011 solid minerals sector audit in Abuja.

    The 2007-2010 NEITI audit revealed an unreconciled N687 million as total aggregate discrepancy in government revenue, which is about 12.5 per cent of the total government receipts over companies’ payments.

    Related News

    Gold rises as trade tensions persist ahead of key inflation data

    African mining ministers laud Alake’s leadership, resolve to adopt PARC

    The future of gold prices ahead of U.S. inflation data

    E-book
    Resilience Exhibition

    Latest News

    Seplat Energy highlights the increasing role of indigenous companies

    July 15, 2025

    NCDMB unveils Nigerian Content Fund Certificate, empowers 130 firms with $400m NCI Fund

    July 15, 2025

    NIMASA docks Deep Blue Vessel at Nigerdock for repairs

    July 15, 2025

    Shippers’ Council, NCS strengthen ties to boost trade facilitation

    July 15, 2025

    NUPRC Boss rallies media support to deepen oil sector reforms

    July 15, 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.