By Juliet Ukanwosu
Recently the Nigeria Extractive Industries Transparency Initiative (NEITI) released the 2019 Solid Minerals Audit (SMA) Report. The report showed that Nigeria earned N79.96bn from the solid minerals sector in 2019, a 15% increase compared to the N69.47Bn recorded in 2018.
The 2019 earnings accounted for 16% of the total revenues of N496.28billion that have accrued to the Federation from the solid minerals sector over the period of 13 years (2007 to 2019).
According to the report, out of seven hundred and two (702) companies that paid royalties to the government in 2019, only seventy-four (74) companies met the materiality threshold of ₦3million. This represent a 7.2% increase when compared to 69 entities that met materiality threshold in 2018.
Download the full report here: http://tiny.cc/neiti-sma-2019