Solid minerals sector generates N1.7b

The Revenue Mobilization Allocation and Fiscal Commission has said the solid minerals sector generated N1.7 billion following the effective advocacy and mass mobilization campaigns on economic diversification mounted by the Commission in the last two years.
RMAFC said that solid minerals-producing states are going to enjoy 13 per cent Derivation, based on their individual contribution.
Ambassador Zubairu Dada, Chairman, RMAFC, Public Affairs and Communication Committee, who disclosed this to news men at the end of the 67th Plenary Session of the Commission, held on Thursday in Abuja, also expressed optimism that beside complimenting revenue from oil, revenue from the solid mineral sector could ensure even development in the country as every part of the country produces one solid mineral or the other.
Dada explained that in line with the 2nd Executive Order of July, 2002, the sharing of the Derivation Fund to beneficiary states will be based on the 13 per cent Derivation Indices, using 2010-2011 Solid Minerals Revenue Contribution by the 36 States and the FCT.
The PACC Chairman added that it was gratifying to note that unlike oil and gas, solid minerals are found in every state of the federation, including the Federal Capital Territory, which will reduce the unnecessary rancor associated with sharing of oil revenue.
Giving a breakdown of the states’ contribution, the PACC Chairman said the total revenue from the solid minerals sector from 2010-2011 was N1,002,601,770.22 and that Kogi State contributed the highest amount during the period under review, with a contribution of N200,960,402.50, followed by the Federal Capital Territory with N116,136,097.77.
According to Dada, the Commission has already forwarded the Solid Minerals Derivation Indices to the Office of the Accountant-General of the Federation for sharing of the proceeds of the 13 per cent Derivation Fund in January, 2013.