Estimated Reading Time: <1
A sharing formula that will enable some of the solid minerals-producing states in the country to benefit from 13 per cent derivation funds is being worked out, reports Nigeria’s Guardian Newspaper.
Benue, Niger, Plateau, Nasarawa, Ogun, Taraba, Kaduna, Kwara, Enugu, Zamfara, Kogi, Bauchi, Gombe, Osun and the Federal Capital Territory (FCT) are some of the areas having solid minerals in the country.
The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Elias Mbam, disclosed this yesterday in Abuja when he played host to the Abdulmumini Jibrin-led members of the House of Representatives Committee on Finance during an oversight of the agency.
Abam informed the House panel that RMAFC under his leadership collaborated with the Federal Ministry of Mines and Steel to work out modalities that would get the solid minerals’ sector to start contributing to the Federation Account for the first time.
“The result of the collaboration is that the solid minerals sector is now contributing to the Federation Account for the first time,” he said.
According to him, “The contributing states will henceforth enjoy the 13 per cent derivation on the amount of revenue accruing from their states.”
He disclosed that the commission was already “working out a template for the sharing of the 13 per cent derivation for solid minerals. The 13 per cent is not exclusive to oil but also includes solid minerals.
“It was learnt that there exists an estimated reserve of over 100 million tons of talc in Niger, Osun, Kogi, Kwara, Taraba and Kaduna while over three billion tons of iron ore are found in Kogi, Enugu, Niger, Zamfara and Kaduna states respectively.”
Benue is said to have a total reserve of 1.5 billion tons of rock salt and large quantity of limestone, as Plateau, Kaduna and Bauchi are said to have a large concentration of gemstones while tantalite is found in Nasarawa, Gombe, Kogi and the FCT. Enugu controls a large concentration of coal while Taraba and Bauchi also have bentonite and barite.
Other solid minerals, including lead zinc, gold, bitumen gypsum and kaolin, it was learnt, are scattered across the country.
- Nyesom Wike has donated N500 million to Sokoto to support the rebuilding of central market
- Miyetti Allah Cattle Breeders insists herdsmen are peaceful
- Afenifere says Buhari government represents only Fulani interests
- Joe Biden has been sworn in as the 46th president of the United States
- FEC approves 65 years as new retirement age for teachers
- President Buhari presides over first FEC meeting of 2021
- Teachers violating COVID-19 guidelines in Abuja will be arrested and Prosecuted – Task Force
- ‘Have a good life, see you soon’ Trump says as he bows out of White House
- LAUTECH: Oyo Government approves N8Billion payment to Osun Government