The Nigeria Extractive Industries Transparency Initiative, NEITI, says the country earned an underwhelming N818.04 billion from the Solid Minerals sector in the last 15 years, inspite of its huge deposit of natural resources.
But the 10th National Assembly is optimistic of a turn around as the parliament commits to enabling laws.
It’s the formal unveiling of the 2021 Solid Minerals Report by NEITI and the 12th in the series.
The report put the total revenue that accrued to the government from the Solid Minerals sector over the years at N818.04 billion, noting this is significantly low compared to the economic potential of the sector.
Moreover, of the N6.62 trillion total government revenue in 2021, the solid minerals sector, in line with the report, barely contributed 2.6 per cent.
For the Executive Secretary, Solid Mineral Development Fund, it is an opportunity to dispel some misinformation while also speaking to the incumbent administration’s drive to genuinely use the sector as a viable alternative to petrol
The 10th National Assembly expressed readiness to work hand in hand with the government to realise its goal.
And with the ongoing summit in Australia, the parliament says the prospect of attracting investments to Nigeria is high
The report covered payments by 1,214 companies operating in in the sector and receipts by three government agencies. It also considered the quantities of minerals that they produced, utilised and exported from the sector, reconciled the physical and financial transactions and undertook special verification on some processes.
