The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), in conjunction with the Federal Ministry of Solid Minerals Development, has introduced a new data rendition template for effective monitoring of revenue from the solid minerals sector in Nigeria.
Speaking in Abuja at a sensitisation programme on the implementation of the new template, Chairman of the Commission, Dr Muhammed Bello Shehu, said they were committed to promoting the diversification of the nation’s revenue sources.
This is in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which aims to harness the country’s revenue potentials from other key sectors of the economy, such as solid minerals, tourism, manufacturing, and the blue economy.
Dr Shehu, who was represented by the Chairman of the Solid Minerals Monitoring Committee of RMAFC, Hon Ibrahim Shettima, said that, in line with its constitutional mandate as enshrined in the 1999 Constitution of the Federal Republic of Nigeria (as amended), the Commission had conducted two nationwide solid minerals revenue monitoring exercises in 2016 and 2022 aimed at boosting revenue generation from the mining sector.
He added that the exercises had considerably improved the level of revenue generation from the sector.
He, however, lamented that despite the growing scale of activities in the country’s mining sector, only a negligible amount was being remitted to the Federation Account.
This, according to him, was largely due to inadequate and ineffective monitoring of mining operations.
Dr. Shehu insisted that the Commission under his leadership would work assiduously to ensure that all revenues due to the Federation Account from the mining sector were fully and promptly remitted.
The new data rendition template, he explained, was designed to capture and manage relevant information such as the quantity of minerals produced, details of producing companies and their locations, as well as licenses, fees, and permits paid by mining companies.
The Chairman assured Nigerians that the proper utilisation of this data rendition template will enhance transparency and accountability by ensuring that mining operations and revenues are effectively tracked and managed.
In his remarks, Hon Ibrahim Shettima, Chairman, Solid Minerals Monitoring Committee and Federal Commissioner representing Niger State in the Commission, stated that the event was organised to bridge identified gaps to ensure the timely and accurate rendition of revenue data on a state-by-state basis by relevant government agencies and operators in the solid minerals sector.
Shettima explained that the exercise aimed to establish an independent, reliable data platform for the Commission and serve as a credible source for comparison and policy decision-making.
Other stakeholders, such as the Director Mining Inspectorate, the Federal Ministry of Solid Minerals, Engineer Imam Ganiu; D.G of the Mining Cadastre Office, Engr Obadiah Nkom; and the President of the Miners Association of Nigeria, Mr Segun Ayanleke, acknowledged that Nigeria has the potential to be a key player in the global mining industry if the sector is efficiently and effectively managed.
They, therefore, called for the proper implementation of policies around the sector to achieve optimal results.
They also advocated for stronger synergy between government and private stakeholders in the sector.