Government
Fed Govt, Others Share N9.9b Solid Minerals Revenue
- Fed Govt, Others Share N9.9b Solid Minerals Revenue
Minister for Mines and Steel Development and Chairman, National Stakeholders’ Working Group (NSWG) of the Nigeria Extractive Industries Transparency Initiatives (NEITI), Kayode Fayemi, has said the N9.9billion revenue generated directly from solid minerals was shared among the three tiers of government in July, 2017.
He said NEITI’s intervention through recommendations in solid minerals audit report, led to the sharing of monies from the sector by the three tiers of government and other beneficiaries in line with section 162 of the 1999 constitution on derivation.
He stated this during the NEITI South West Zonal Outreach and Stakeholders’ engagement meeting in Abeokuta, Ogun State. The minster who was represented by a member of the NSWG of NEITI, LawanLantewa, also revealed the ministry had received the sum of N30billion from the Natural Resources Development Fund for exploration, research, geosciences data generation and improved mines field security.