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FG Secures 13% Derivation Mining Revenue For States

By Simon Ebegbulem

BENIN—THE Federal Government has said that it has secured 13 per cent derivation mining revenue for the 36 states of the Federation with a view to encouraging states to exploit that sector to boost their revenue generation capacity.

This was disclosed by the Permanent Secretary, Ministry of Mines, Steel and Development, Alhaji Abass Mohammed, at a two-day sensitization and enlightenment workshop for stakeholders, in Benin City, Edo State, yesterday.

According to him, the Federal Government was working with state governors with a view to reviving that sector. He urged states to continue to liaise with the Federal Government and private investors to make that sector more profitable and attractive for investors.

Alhaji Mohammed, who was represented by Alhaji Sanusi Asiru, said: “We have rightly identified, as one of our priorities, the need to improve our engagement of stakeholders at the sub-national level particularly state governments and communities. We realise that in order to give the states good reason to work with us, we need to create avenues for a greater degree of financial participation and revenue sharing.”

“Accordingly, we have been able to secure approval for state governments to be beneficiaries of 13 per cent derivation from mining revenue. This is a significant shift and it is part of our commitment to facilitating a win-win situation for all stakeholders,” he stated.

In his opening remarks, the Secretary of Solid Minerals Development Fund, Alhaji Mahe Ahmed, regretted the inability of the Federal Government to create a framework for the mining sector, nothing that it has led to the dwindling fortune for over 45 years.

“Unfortunately, in the approximately, 45 years of decline of the country’s mining sector, we have been unable to articulate a framework which the sector will viably stand and operate and as such we have missed out on various opportunities to capitalize on the up surging of commodity process. Thus, we have a mixed situation of relatively virgin mineral fields and yet a lack of appreciable national economic contribution from the field.

“A well-developed mining industry is capable of generating major economic activities to stimulate growth with great potentials for engendering huge revenues to address developmental challenges in other critical sectors such as education, health, agriculture, transportation and infrastructures,” he stated.



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Posted by on April 26, 2017.

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