Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,205,399 members, 7,992,290 topics. Date: Saturday, 02 November 2024 at 10:06 PM

Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 (7484 Views)

FG Generated ₦‎193.59 Billion From The Solid Minerals Sector In 2021 - NEITI / Nigeria Earned $206bn From Oil In Five Years – OPEC / NEITI: Nigeria Earned N52.75 Billion From Solid Minerals In 2017 (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by Blue3k(m): 6:45am On Mar 17, 2020
• Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018

•2018 earnings highest in 12 years

• Ogun State leads states contributions from the sector.

The solid minerals sector contributed N69.47 billion to federation revenue in 2018, the highest so far since NEITI commenced reconciliation of payments in the sector. The figure shows an increase of N16.71 billion representing 31.67% over the 2017 revenue of N52.76 billion. 

The earnings (N69.47 billion) also accounted for 16.69% of the total revenues (N416.3billion) that accrued to the sector from 2007 to 2018.This information is contained in the latest audit report of the solid minerals sector released by the Nigeria Extractive Industries Transparency Initiative (NEITI). The audit report reconciled companies’ payments and government’s receipts from the sector in 2018 as well as tracked production volumes and trends of revenues from the sector to the federation account from 2007 to 2018.

Breakdown of the receipts showed that taxes to the Federal Inland Revenue Service (FIRS) accounted for N65.69 billion (94.56% of the total) while fees and royalties paid to the Mines Inspectorate Department (MID) and Mining Cadastre Office (MCO) accounted for N2.21 billion (3.18%) and N1.57 billion (2.26%) respectively.

According to the NEITI report, “Nigeria has published eight cycles of solid minerals audit reports since it signed up to the EITI. The sector has contributed ₦416.32billion in revenues to the federation in 12 years. Over half of this figure or (N279.0 billion) was earned between 2015 and 2018”. This shows that there had been a remarkable increase in revenues accruing to the Federation from the solid minerals sector over the years.

The just released report further highlighted that the sector had over the years, also witnessed fluctuations in revenue earnings. For instance, in 2015, N64.46billion accrued to the federation, while in 2016, the earnings dipped to N43.22billion. It will be recalled that 2016 was also the year that the Nigerian economy slid into recession.

The report disclosed that the main sources of revenue flows from solid minerals remains various categories of taxes, royalty, permits, annual services and sub-national payments. The report also stated that sub-national payments and other taxes accounted for “₦1.54billion representing about 2.23% of total government revenue from the sector”.

On production, the NEITI 2018 Solid Minerals Report disclosed that 46.68 million metric tons of minerals valued at N47.87 billion were produced in Nigeria during the period. “The production data was based on minerals either used or sold during the year”.

A breakdown of the production volumes showed that limestone and granite accounted for about 80% of the total minerals produced. Limestone alone contributed 54.85% while granite accounted for 23.88% of minerals mined.

On state-by-state production, the report disclosed that in 2018, most of the mining activities in the country took place in Ogun State. The state accounted for 12.66 million metric tons (27.13%) of the total volume produced during the period under review.

Ogun State was followed by Kogi and Benue states, each accounting for 22.88% and 10.10% respectively. However, on the bottom of the table are states like Enugu and Borno states which contributed 0.02% and 0.001% respectively.

The report also revealed that Dangote Cement Plc and Larfarge Africa Plc dominated activities in minerals produced by companies. The two companies contributed 57.22% of the total minerals produced in 2018. From the report, while Dangote cement accounted for 46.38%, Larfarge Africa was responsible for 10.84%.


The report disclosed that the sector’s contribution to employment in 2018 was 9,873, with more Nigerian nationals employed by the sector. In relation to gender, 96.53% of jobs were occupied by men, while women took 3.47%. Only six physically challenged persons were recorded as being employed in the sector in 2018.

On the contribution of the solid minerals industry to Nigeria' GDP, the report aligned with the National Bureau of Statistics figure of N224.79 billion representing 0.18% of the country’s GDP. A breakdown of this figure shows that quarrying and other minerals accounted for 0.16%, while coal and metal ores accounted for 0.01% each.

One other feature of the solid minerals report for 2018 is the focus on the performance of the strategic minerals identified by the Ministry of Mines and Steel Development. The minerals are coal, lead zinc, limestone, barites, bitumen, gold and iron ore. According to the report, “The seven strategic minerals mined in 2018 contributed 49.7% to royalty payments declared in the year”.

The report further revealed that forty-seven companies exported ores, concentrates and metal ingots worth $144.38 million in 2018. Ores and concentrates accounted for $34.02 million with China identified as the principal destination of Nigeria’s mineral exports. China received 52,500.51 metric tons of the ores and concentrates valued at $27,926,897.05 which is 79.52% of the total minerals exported in 2018. The NEITI report also disclosed that Germany, South Korea, Poland, Spain, Belgium, Netherlands and Benin Republic were other top destinations of Nigeria’s minerals.


According to the solid minerals report, “In 2018, 1,516 mineral titles were issued by MCO”.

The report added that in a bid to boost reserves and improve production in the sector, 634 exploration Licenses were issued within the year under review. The country’s strategic minerals accounted for 448 or 70.66% of the exploration licenses issued.

The report further explained that out of 720 entities covered by the exercise, only payments by 69 companies were reconciled. The 69 companies were entities that met the materiality threshold of N3million and above and paid a total of N1.7 billion which represented 86.93% of the total royalty paid within the year. In 2017, 59 companies that met the materiality threshold paid a total of N1.3 billion, while ₦1.4 billion was paid by 56 companies which met the threshold in 2016. While all payments made by companies were covered in the report, not all were reconciled.

On collections accruing to the solid mineral revenue account, the report disclosed that the balance in the account as at December 2018 was N12.59billion. “The sum of ₦16.78billion was the accumulated revenue from Solid Minerals sector as at 30th September 2019. Out of this amount, the sum of ₦8.7 billion was distributed among the three tiers of government in October 2019, leaving a balance of ₦8.08billion”, the report disclosed.

The report underlined the importance of a comprehensive action plan to shift attention from oil to the development of the solid minerals sector in the face of dwindling oil revenue. It also noted that there have been significant reforms and development in the sector. Among the many recommendations by the report is the call on the government to develop strategies for monitoring and penalizing extractive companies that fail to sign and or implement community development agreements. It also advised that the newly introduced initiative on national gold purchase scheme be strengthened.

The independent audit of the solid minerals sector was conducted by Tajudeen Badejo and Co. and is consistent with NEITI’s mandate under the NEITI Act 2007. It is also in fulfillment of Nigeria’s obligation to the global Extractive Industries Transparency Initiative (EITI).
https://www.neiti.gov.ng/index.php/media-center/news/498-nigeria-earned-n69-47-billion-from-solid-minerals-sector-in-2018

2 Likes

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by chatinent: 6:52am On Mar 17, 2020
Where the money goes, only some political few there knows.

17 Likes 1 Share

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by Omnivalent(m): 7:02am On Mar 17, 2020
the rate at which this guys are calling huge sums of money generated from each sector especially the communication sector, you begin to wonder if some one is doing another round of looting...
.
.
mehhhh...
las las the money would turn AUDIO.

12 Likes 1 Share

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by Evilgenuis: 7:05am On Mar 17, 2020
Akuko grin grin grin grin

Audio money

12 Likes

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by Abboki: 7:06am On Mar 17, 2020
embarassed
Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by Bondinus(m): 7:07am On Mar 17, 2020
Yet we derive pleasure in borrowing

8 Likes 1 Share

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by Sunxhub: 7:07am On Mar 17, 2020
Who dey another country go say Nigeria dey enjoy oh

6 Likes

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by Trutherme: 7:07am On Mar 17, 2020
Ok
Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by bayelsaowei(m): 7:07am On Mar 17, 2020
And?
Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by WebmasterMind: 7:07am On Mar 17, 2020
Where was the money earned channeled to. LOOTERS Government

May God Help The Good People Of Nigeria

Visit NairaLEARN To Learn New Skills and earn online.

1 Like

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by sotall(m): 7:07am On Mar 17, 2020
Audio earnings

1 Like

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by Richdad50(m): 7:08am On Mar 17, 2020
shocked

A very shameful amount. Anyone who comes in defense of this lacks understanding and is only a useful idiot.

Richdad

12 Likes

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by kuntash: 7:10am On Mar 17, 2020
Evilgenuis:
Akuko grin grin grin grin

Audio money

Exactly!

whats the rate of $ to Naira today ?

1 Like

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by Yenefer(f): 7:10am On Mar 17, 2020
בני חורין ושווים בערכם ובזכויותיהם. כולם חוננו בתבונה ובמצפון, לפיכך חובה עליהם לנהוג איש ברעהו ברוח של אחוה.

סעיף ב. כל אדם זכאי לזכויות ולחרויות שנקבעו בהכרזש זו ללא הפליה כלשהיא מטעמי גזע, צבע, מין, לשון, דח, דעה פוליטית או דעה בבעיות אחרות, בגלל מוצא לאומי או חברתי, קנין, לידה או מעמד אחר. גדולה מזו, לא יופלה אדם על פי מעמדה המדיני, על פי סמכותה או על פי מעמדה הבינלאומי של המדינה או הארץ שאליה הוא שייך, דין שהארץ היא עצמאית, ובין שהיא נתונה לנאמנות, בין שהיא נטולת שלטון עצמי ובין שריבונותה מוגבלת כל הגבלה אחרת

3 Likes

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by Blue3k(m): 7:10am On Mar 17, 2020
The mining sector is promising. If Nigeria makes itself desirable to foreign investors the sector will boom. The majors are currently not interested in nigeria yet. There's juniors look around at least.

It's concerning that unemployment in sector rising. They report didnt go into much detail why.

2 Likes

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by SenecaTheYonger: 7:11am On Mar 17, 2020
even 1 trillion naira can't simulate the Nigerian economy.
Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by Bigleaf1006: 7:12am On Mar 17, 2020
This figured are well below the actual and a lot of under reporting goes on in that sector especially in the north due to underdevelopment,informal operations, illegal mining and off course corruption

7 Likes

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by zoedew: 7:12am On Mar 17, 2020
That figure is best rendered in dollars for a meaningful appreciation of what it should be saying

2 Likes

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by CotenantNIG: 7:13am On Mar 17, 2020
Wow

Follow our social media handles to receive updates immediately a room is uploaded on our website

Like cotenant on instagram
https://www.instagram.com/cotenant/

Follow us on twitter
https://twitter.com/cotenantng

Like our facebook page
http://facebook.com/cotenant.ng/

Follow our page on Linkedln
https://www.linkedin.com/company/14850774

Visit our website
https://cotenant.ng/post-a-request/

1 Like

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by Afritop(m): 7:14am On Mar 17, 2020
I am yet to think if I am Nigerian at all. Because i am yet to be a beneficiary of the billions of Naira and dollars the Nigeria government always keep declaring that they make in one sector or the other including the ones they siezed from Abacha

5 Likes

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by personal59: 7:14am On Mar 17, 2020
Audio money

After pocket deduction then they announce the audio part for the rest to remove from


I still wonder where all this so called money and allocation from 1999 till date enter

Why is our government like this

1 Like

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by Nobody: 7:14am On Mar 17, 2020
Is that one money for a country
Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by Olarewaju89: 7:14am On Mar 17, 2020
So where are all the money now? Buhari na common criminal

2 Likes

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by money121(m): 7:16am On Mar 17, 2020
Ok
Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by danhans(m): 7:16am On Mar 17, 2020
Earn what?what was d money used for?where is it kept lairs

1 Like

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by hisgrace090: 7:16am On Mar 17, 2020
Bondinus:
Yet we derive pleasure in borrowing


Can 69 billion naira last us two weeks as a nation?

Mind you that Nigeria shares around 180 billion to 300 billion naira per month.

3 Likes

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by Nobody: 7:17am On Mar 17, 2020
make dem pump d money into d economy now now
Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by ignis: 7:19am On Mar 17, 2020
Where is the money?


Why is the Buhari led government still borrowing money?

1 Like

Re: Nigeria Earned N69.47 Billion From Solid Minerals Sector In 2018 by DropsMic(m): 7:20am On Mar 17, 2020
Money shared

2 Likes

(1) (2) (3) (Reply)

NEC Recommends Withdrawal Of Tax Reform Bill / Lagos To Emerge 13th Largest Economy In Africa By 2014 / Nigeria’s Crude Oil Output Increases By 403,900bpd Now 1.94m Bpd

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 73
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.