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More Revenue Expected From Mining Sector

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Australian Iron Ore

With the approval of the mining sector roadmap by the Federal Executive Council (FEC) and discovery of mineral resources in various parts of the country, the Federal Government is expected to make more revenue from the sector, the National President, Miners Association of Nigeria (MAN), Sani Shehu, has said.

He said that the roadmap would state the government’s regulations in the sector. They would guide operators in international best practices, including ethics, health, environment, and climatic issues. In all, they would guide operators and regulators and on how to move the sector forward.

But the mining body advised the government to stop further importation of raw materials that could be sourced locally, adding that the country has adequate raw materials for the local industries. When these materials are used, they would create employment and sustainable revenue generation for the government.

Shehu, who spoke on phone, said with the discovery of more mineral resources, there would be huge increase in revenue for the government, and development in the states where minings are taking place.

The mineral resources would attract foreign earnings, which would go a long way in assisting the economy to withstand the pressure on it. Therefore, the earlier the roadmap was implemented and minings kicked off, the better for the economy, he added.

He said: “On the whole, we hope that the mining industry considering the development that is coming up will be in a position to assist the government in terms of revenue generation and also for massive employment for Nigerians.

“We are expecting the implementation of the provisions of the road map. We hope additional activities would be created in the sector and with the discovery of mineral resources many parts of the country that would encourage foreign investors to come and invest in the country.”

He urged the government to resolve the issues of licence renewal, collection of revenue from miners, multiple taxation, adding that it is only the ministry that can collect royalty and other taxes and levies from the sector.

There is also inter-agency rivalry between some of these agencies, such as environmental levies. He said regulatory issues had also been a very big challenge, adding the association does not have any statutory power to handle it. He urged the government to streamline the regulatory agencies that oversee the mining sector.

He said the association would continue to support the government efforts to grow the sector as well as re-orientate its members in harnessing the benefits accruable in the industry.

He said: “We intend to grow ourselves and to grow the industry, we want to create activities in the mining sector and we want to go mechanised,” adding that manual mining will not take the industry anywhere.

‘’We also facilitate international visits for our members to South Africa, China, Canada and other parts of the world in search of improved ways of mining as well as organising visits with foreign investors.

‘’The body has been able to solve some community issues and is actively sensitising people on the need to mine in line with international best practices, among others.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Government

Senate Suspends Senator Abdul Ningi for 3 Months Over Budget Padding Allegations

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Abdul-Ahmed-Ningi

The Senate has announced the suspension of Senator Abdul Ningi for three months following his allegations of budget padding to the tune of N3.7 trillion in the 2024 budget.

Ningi, who represents Bauchi Central and chairs the Senate Committee on Population, had made the claims in a recent interview with the Hausa service of the BBC.

During a plenary session, Senator Olamilekan Adeola, the Chairman of the Senate Committee on Appropriations, raised a motion to address Ningi’s allegations, citing the urgent need to address what he termed as “false allegations.”

The transcript of Ningi’s interview was read on the Senate floor, prompting deliberation on the appropriate action to take.

Initially, Senator Jimoh Ibrahim proposed a 12-month suspension for Ningi, but Senator Chris Ekpeyong moved to reduce it to six months.

Eventually, Senator Garba Maidoki amended the motion further, suggesting a three-month suspension.

The amended motion was put to a voice vote, and Senate President Godswill Akpabio announced the decision to suspend Ningi for three months.

Following the ruling, Ningi was escorted out of the Senate chamber by the Sergeants-at-arms.

The suspension comes amidst division within the Senate over Ningi’s claims, with some senators disowning his allegations and calling for a thorough investigation.

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Government

Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis

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Biodun Oyebanji

Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has announced a comprehensive relief package aimed at alleviating the hardship faced by the people of the state.

The relief programs encompass various sectors to cushion the impact of the economic downturn.

One of the key initiatives entails clearing salary arrears amounting to over N2.7 billion owed to both State and Local Government workers.

This move signifies the government’s commitment to addressing the financial burdens faced by its workforce.

Furthermore, Governor Oyebanji has approved a substantial increase of N600 million per month in the subvention of autonomous institutions, including the Judiciary and tertiary institutions.

This augmentation is intended to enable these institutions to implement wage awards in alignment with State and Local Government workers’ salaries.

In addition to addressing salary arrears, the relief programs extend to pensioners, with the approval of payments totaling N1.5 billion for two months’ pension arrears.

Moreover, an increase in the monthly gratuity payment to state pensioners and local government pensioners will provide additional financial support, totaling N200 million monthly.

The relief initiatives also encompass agricultural and small-scale business sectors.

The allocation of funds for food production and livestock transformation projects underscores the government’s commitment to enhancing food security and economic sustainability at the grassroots level.

Governor Oyebanji emphasized that these relief programs are part of the state’s concerted efforts to mitigate the adverse effects of the economic downturn and foster shared prosperity.

The comprehensive nature of the initiatives reflects a proactive approach towards addressing the challenges faced by Ekiti State residents.

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President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa

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power project

President Bola Tinubu has directed the prompt settlement of a N342 million outstanding electricity bill owed by the Presidential Villa to the Abuja Electricity Distribution Company (AEDC).

This move comes in response to the reconciliation of accounts between the State House Management and the AEDC.

The AEDC had earlier threatened to disconnect electricity services to the Presidential Villa and 86 Federal Government Ministries, Departments, and Agencies (MDAs) over a total outstanding debt of N47.20 billion as of December 2023.

Contrary to the initial claim by the AEDC that the State House owed N923 million in electricity bills, the Presidency clarified that the actual outstanding amount is N342.35 million.

This discrepancy underscores the importance of accurate accounting and reconciliation between entities.

In a statement signed by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency affirmed the commitment to settle the debt promptly.

Chief of Staff Femi Gbajabiamila assured that the debt would be paid to the AEDC before the end of the week.

The directive from the Presidency extends beyond the State House, as Gbajabiamila urged other MDAs to reconcile their accounts with the AEDC and settle their outstanding electricity bills.

The AEDC, on its part, issued a 10-day notice to the affected government agencies to settle their debts or face disconnection.

This development highlights the importance of financial accountability and responsible management of public utilities.

It also underscores the necessity for government entities to fulfill their financial obligations to service providers promptly, ensuring uninterrupted services and avoiding potential disruptions.

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