2,119 mining firms failed owes the federation N2.76bn – NEITI

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Latest report by the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that 2,119 companies operating in the solid minerals industry owed the federation N2.76 billion in 2020.

In a statement by the executive secretary of NEITI, Ogbonnaya Orji, the companies’ liabilities resulted from failure to pay statutory annual service fees for respective mineral titles.

He said 6,010 existing solid mineral titles were valid as of December 31, 2020, while 7,605 mining titles were issued in the industry in the last five years.

“At this time that government is desperate for revenues to finance the widening budget deficits, NEITI is determined to use its reports to disclose potential revenue recoveries, awaiting immediate action by relevant government agencies,” he said.

“It is of interest to NEITI that every kobo counts to reduce government financial burden, and our reports will continue to provide useful information and data on who owes what in the oil, gas and mining sector.”

Orji added that the NEITI report also revealed that N8.89 billion was shared among the federating units as solid minerals revenue in 2020.

Also, the report disclosed that 71.1 million metric tonnes of minerals were produced in 2020. A breakdown of the total production showed that granite, limestone, sand and laterite were the highest contributors to minerals royalty payments recorded within the period.

 

 



Abisola Adebayo is a Reporter/Presenter/Social Media Manager for Tv360Nigeria. She is a first class graduate of the department of Mass Communication at Fountain University, Osogbo. Abisola is currently running her Masters Degree at the University of Lagos. The Social Media savvy young lady is ambitious and driven, likes trying new things and sets new goals for herself. Always looking for an opportunity to do better and achieve greatness.


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