The solid minerals sector contributed a total sum of N43.22billion to government coffers in 2016, reports the Nigeria Extractive Industries Transparency Initiative (NEITI).
China was a major destination of Nigeria’s solid minerals in 2016, accounting for 53.63percent, followed by Spain and India which accounted for 26.48percent and 8.90percent respectively.
A breakdown of the figure shows that taxes collected by the Federal Inland Revenue Service (FIRS) accounted for N40.38 billion or 93.43percent, while fees collected by the Mining Cadastral Office stood at N1.15 billion or 2.66percent.
The Mining Inspectorate Department (MID) recorded N1.64 billion as royalty payments, an increase of 30.15percent over the N1.27 billion reported as royalty payments in 2015.
These are some of the highlights of the 2016 audit report of the solid minerals sector released Tuesday by NEITI.
The audit conducted under the EITI principles and standard reconciled payments made by mining companies in terms of taxes, royalty and rents against receipts of such payments by relevant government agencies.
From the report, total minerals production for 2016 was 41.87 million tons valued at N34.09 billion, representing 33percent increase on the N25.56 billion reported in 2015.
However, the report finds that tax collection and payment of other fees for 2016 reduced by 32percen when compared to the figure of N63.98 billion for 2015.
The report further disclosed that while six hundred and fifty-one (651) extractive companies made royalty payments in 2016, only fifty six (56) companies that met the materiality threshold of N3million and above were considered for reconciliation. The companies that met this threshold accounted for 86.87percent of the total royalties paid.
On state-by-state minerals production, Ogun State contributed 33.49percent to the total production to top the table, followed by Kogi State with a contribution of 19.7percent, while FCT came third with 6.20percent.
From the report, minerals production by companies shows that three companies – Dangote Cement Plc, West African Portland Cement Plc, and United Cement Company of Nigeria Limited (UNICEM) contributed 70percent of total production in 2016. This shows that the cement sub-sector is still dominant in solid minerals production activities.
Further analysis of production by minerals types shows that limestone was the most produced mineral and accounted for 49.35percent of the total solid minerals production in 2016, followed by granite with 31.32percent. The least contributions were made by gypsum, iron, talc and amethyst with 0.1percent each.
The report also revealed that the solid minerals sector’s contribution to exports in 2016 stood at ₦11.16 billion, representing 3.38percent of the N330.01 billion for non-oil exports and 0.13percent of total export of ₦8.53trillion.
The report put the Free on Board (FOB) value of the solid minerals exported in 2016 at $40.934 million while the overall contribution of the sector to the country’s GDP was put at ₦87.61billion representing 0.13percent of the total GDP of N67.9 trillion.
The sector has witnessed a steady, even if marginal increase in its contribution to the GDP from 0.11percent in 2014, 0.12percent in 2015 to 0.13percent in 2016. The sector also contributed 0.3percent to national employment in 2016.
The report also disclosed that a total of 4,575 valid minerals titles spread across the various states of the federation were recorded in 2016. This comprises 1,751 Exploration Licenses, 208 Mining Leases, 1,563 Quarry Leases, and 1,053 Small Scale Mining Leases.
Out of the total valid titles in the MCO register, 1,465 titles were issued in 2016 while 1,030 were revoked and 14 were transferred. The report further stated that 315 Exploration Licenses were issued in respect of the priority minerals identified by government. The priority minerals are gold, lead-zinc, baryte, iron-ore, bitumen, limestone, and coal.
The report revealed that some title holders entered into MOUs with other companies without duly informing the relevant government agencies. As a result, out of the 651 operators that paid royalties, 312 companies representing 48percenf were not recorded in the MCO register either as valid, revoked or transferred titles for the year.
A striking feature of the report was that the sum of ₦9.923 billion was shared by the three tiers of government in 2016, being the accumulated revenues from 2007 to 2014 from the solid minerals sector.
A breakdown of the figure shows that the Federal Government got N4.547 billion while states and local governments shared N2.306 billion and N1.778 billion respectively. The sum of N1.289 billion was also shared as derivation.
Further breakdown shows that Ogun State received the highest share of N369.84 million while Kogi and Cross River states received N317.66 million and N237.10 million respectively.
Other states among the top five recipients are Kano and Oyo states which received N208.83 million and N200.45 million respectively while Ekiti and Bayelsa got the lowest share of N91.25 million and N76.66 respectively.
The release of the 2016 report by NEITI brings to seven in the series of independent reports on the solid minerals sector published as part of efforts to ensure transparency as well as bring local and international attention to the revenues and investment potentials in the solid minerals sector.
The independent audit is consistent with NEITI’s mandate and in fulfillment of Nigeria’s obligation to the global Extractive Industries Transparency Initiative (EITI) as an implementing country.
The NEITI 2016 oil and gas report is currently at the final stage of completion and will be released soon, while the 2017 audit process is ongoing.
Hair Boom Hair Growth
November 15, 2018 at 7:25 am
What’s up friends, how is all, and what you would like to say
on the topic of this article, in my view its really remarkable for me.
John
November 17, 2018 at 10:38 pm
I have been surfing on-line greater than three hours
these days, yet I by no means discovered any attention-grabbing article like
yours. It’s lovely price sufficient for me. In my view, if all website owners and bloggers made good content as you did, the net might be
a lot more useful than ever before. It’s very easy to find out any topic on net as compared to
books, as I found this paragraph at this web page. I will right away snatch your rss feed as I can’t
find your email subscription hyperlink or e-newsletter service.
Do you’ve any? Kindly permit me understand so that I could subscribe.
Thanks. http://cspan.org/
토토사이트
November 19, 2018 at 1:51 pm
How about a 15 second banner advertisement in the
bottom of someone elses how do people showcase your site or whatever affiliate product your promoting.
Create Your Listings – The system you choose
should make it simple for you to build your auction listings and take action quickly along with bulk.
For us there is no major difference in optimizing a static website and dynamic website optimization.
먹튀사이트
November 20, 2018 at 11:21 pm
After spending twenty five years of my life, I have discovered the
modern meaning of life. There are a few forms of nature
photography this kind of because panorama photography, underwater photography, cloudscape photography, animals photography and also seascape pictures.
Customers have to be entertained when they’re waiting
to get served, in particular when they’ll be awaiting a long time.
Derma Smooth Plus Reviews
November 21, 2018 at 4:32 am
Hi, I do think this is an excellent site. I stumbledupon it 😉 I may revisit once again since I saved as a favorite it.
Money and freedom is the best way to change, may you be
rich and continue to guide other people.
토토 사이트
November 21, 2018 at 4:36 am
The content inside site must be coded in a way that they’d be loved
both through the search engines’ spiders along
with your visitors. With the emergence of ecommerce business during the last
decades, many ecommerce business solution providers happen to
be also grown. This often includes, book author, title, data, layout, color so on.
Z Vital
November 21, 2018 at 5:19 am
May I just say what a relief to find somebody who really knows what they are talking about over the internet.
You definitely realize how to bring an issue to light and
make it important. More and more people really need
to check this out and understand this side of the story.
I was surprised that you are not more popular because you definitely have the gift.
live22 apk
November 21, 2018 at 3:07 pm
Admiring the time and energy you put into your blog and in depth information you offer.
It’s nice to come across a blog every once in a while that isn’t the same out of date
rehashed material. Wonderful read! I’ve bookmarked your site
and I’m adding your RSS feeds to my Google account.
tructiepbongda world cup
November 21, 2018 at 11:46 pm
As a result of their hard work, Positive View’s
events have received coverage from several global television networks and
also have been streamed for online viewing. You don’t have to invest in the most important or heaviest tripod form of hosting use.
This can be very advantageous for you as if you’re fast learner, with just a trial, you
may learn all you planned to quickly and free.
Sultra Lift Cream
November 22, 2018 at 2:07 am
I like this post, enjoyed this one thanks for posting.
Slim Select Garcinia
November 22, 2018 at 6:37 am
Hey are using WordPress for your blog platform? I’m new to the blog world
but I’m trying to get started and set up my own. Do
you require any html coding expertise to make your own blog?
Any help would be greatly appreciated!
Nutri Burn Reviews
November 22, 2018 at 1:54 pm
I saw a lot of website but I believe this one holds something special in it. https://nutriburn.net/
Pingback: URL
kids birthdays
December 29, 2018 at 11:24 pm
What a material of un-ambiguity and preserveness of
valuable familiarity about unexpected feelings.
Scotty
January 5, 2019 at 12:07 am
My partner and I stumbled over here by a different web page and thought I should check things out.
I like what I see so now i am following you. Look forward to looking at your web page again.
http://www.digthedirt.com/users/389061-darek80
January 10, 2019 at 12:51 pm
Thank you for some other fantastic post. The place
else may anybody get that type of info in such a perfect method
of writing? I have a presentation subsequent week, and I’m at the search for such info.
xpornplease.com
January 12, 2019 at 2:11 pm
Excellent post. I was checking continuously this blog and I am impressed! Extremely useful info particularly the last part 🙂 I care for such info a lot. I was seeking this particular info for a long time. Thank you and best of luck.|
تسديد قروض
January 20, 2019 at 1:39 am
I do consider all of the ideas you have introduced in your post.
They’re very convincing and can definitely work. Still, the posts
are too short for newbies. May just you please
prolong them a bit from next time? Thanks for the
post.
تسديد قروض
January 21, 2019 at 8:28 pm
Do you mind if I quote a few of your posts as long as I provide credit and sources back to your website?
My website is in the very same niche as yours and my users would definitely benefit from a lot of the information you present here.
Please let me know if this okay with you. Regards!
e360
January 22, 2019 at 11:59 am
You are free to use contents from our site as long as credit is appropriately given. Best of luck with yours!
camera ip gia si
January 30, 2019 at 1:18 am
Wow! Finally I got a website from where I know
how to actually get valuable facts concerning my study and knowledge.
camera ip không dây
February 15, 2019 at 5:23 pm
Your style is unique in comparison to other people I have
read stuff from. Many thanks for posting when you’ve
got the opportunity, Guess I will just book mark this
page.
زيادة تحميلات التطبيقات
February 23, 2019 at 12:29 am
Pretty! This has been an incredibly wonderful article.
Thanks for providing this info.
Anonymous
March 3, 2019 at 2:26 am
Wow, awesome blog layout! How long have you been blogging for?
you made blogging look easy. The overall look of your site is wonderful,
as well as the content!
cat hat
March 5, 2019 at 11:20 pm
Hey There. I found your weblog the usage
of msn. That is an extremely neatly written article.
I will make sure to bookmark it and come back to learn more
of your helpful information. Thanks for the post.
I will definitely return.
Keto Trim Forskolin Reviews
March 7, 2019 at 12:39 am
Hello there, just became aware of your blog thrugh Google,
annd found that it is rally informative. I am gonna watch out for brussels.
I’ll appreciate if you continue this in future. A lot of
people will be benefited from your writing. Cheers!
تسديد قروض
March 7, 2019 at 2:32 pm
Howdy! I just would like to offer you a huge thumbs
up for the great info you have right here on this post.
I will be coming back to your website for more soon.
cat hat
March 8, 2019 at 8:01 pm
I am genuinely thankful to the holder of this web page who has shared this fantastic post at here.
تسديد قروض
March 12, 2019 at 12:26 am
Hi, after reading this remarkable piece of
writing i am as well cheerful to share my knowledge here with
colleagues.
cat hat
March 12, 2019 at 10:14 am
Excellent, what a blog it is! This web site gives
helpful information to us, keep it up.
apex legends
March 13, 2019 at 4:56 am
It’s a pity you don’t have a donate button! I’d without a
doubt donate to this superb blog! I suppose for now i’ll settle for book-marking and adding your RSS feed
to my Google account. I look forward to fresh updates and will share this site with my Facebook group.
Talk soon!
cat hat
March 13, 2019 at 6:08 am
Some genuinely excellent information, Gladiola I detected this.
Deb
March 13, 2019 at 10:47 am
Thanks for your personal marvelous posting!
I really enjoyed reading it, you can be a great author.
I will ensure that I bookmark your blog and will come back from now on. I want to encourage
you to definitely continue your great job, have a nice
weekend!
camera ip wifi
March 14, 2019 at 7:58 am
whoah this weblog is wonderful i love reading your articles.
Stay up the good work! You recognize, a lot of persons are looking around for
this info, you can help them greatly.
Julissa
March 19, 2019 at 2:31 am
Appreciating the dedication you put into your blog and detailed information you offer.
It’s nice to come across a blog every once in a while that isn’t the same unwanted rehashed material.
Excellent read! I’ve saved your site and I’m adding your
RSS feeds to my Google account.
the-mobile-game-guide.webnode.com
March 20, 2019 at 4:11 pm
I needed to thank you for this excellent read!!
I definitely enjoyed every bit of it. I have got you bookmarked to check out
new stuff you post…
công ty tnhh giải
March 20, 2019 at 7:30 pm
I’m not that much of a online reader to be honest but your blogs really nice, keep
it up! I’ll go ahead and bookmark your website to come back later
on. Cheers
cat hat
March 21, 2019 at 6:08 am
I visited a lot of website but I believe this one has something extra
in it.
convert pdf to Jpg website
March 22, 2019 at 12:16 pm
Wohh exactly what I was searching for, thanks for putting up.
تسديد قروض
March 23, 2019 at 11:49 am
For most recent news you have to pay a quick visit web
and on internet I found this web site as a most excellent web site for
newest updates.