For many years, following the lead of the resources that came into the national treasury from oil and gas, the mining of solid minerals has been touted as the next big source of revenue.
The memories of solid minerals exploitation including tin, coal, etc. before the discovery of oil provided some nostalgia about bringing back old revenue sources to life. Initially, the poor revenue stream from solid minerals had been blamed on outdated policies and laws and the lack of reforms in the sector.
Enter the Nigerian Minerals and Mining Act which is made as Act to repeal the Minerals and Mining Act, No. 34 of 1999 and enact the Nigerian Minerals and Mining Act, 2007 for the purposes of regulating all aspects of the exploration and exploitation of solid minerals in Nigeria and for related purposes.
Sixteen years after the coming into force of the Act; how have we fared? What have been the achievements? Two critical issues will point in the direction of how we have fared. They are the revenue stream from the sector and the implementation of the environmental provisions of the Act which is also related to the issue of revenue.
According to the 2023 Fiscal Framework, total solid minerals revenue for the Federation Account was N6.312bn in 2021, N6.944bn in 2022 and N8.680bn is expected in 2023. With this level of expected revenue, it is clear that the reforms proposed in the sector have not worked and there is no plan to make the reforms work. It is also acknowledged that the major mining companies have yet to invest in the Nigerian solid minerals sector.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EDITORIAL: Nigerian Economy: The pains and gains of reformUnderstandably, these adverse outcomes are fuelling a concerted pushback against the Tinubu administration’s apparent preference for market-based solutions to some of the economy’s seemingly intractable trade-offs.
Read more »
Navy Arrest 15,000 Rogue Vessels In 2 Years - Ex-Naval ChiefThe immediate past Chief of Naval Staff, Vice Admiral Awwal Gambo has disclosed that the navy under his watch arrested over 15,000 rogue Vessels in the
Read more »
David De Gea leaves Manchester United after 12 years | TheCableDavid De Gea has confirmed his exit from Manchester United after 12 years at the club. The Spaniard announced his departure in a post on his Twitter page on Saturday. The
Read more »
David De Gea leaves Man Utd after 12 yearsManchester United goalkeeper, David De Gea has left the club DAILY POST reports. The news was confirmed by transfer market expert, Fabrizio Romano on
Read more »
Mmesoma Is An Adult Of 19 Years; Her Confession Has Vindicated Us, JAMB Reacts | Sahara ReportersThe Joint Admissions and Matriculation Board has reacted to the release of the report of Commission of Inquiry set up by the Anambra State government to look into the case of manipulation of UTME results levied against Anambra student, Mmesoma Ejikeme. Jamb spokesperson Dr. Fabian Benjamin in a statement issued on Saturday said “it had been vindicated”. According to the report Mmesoma confessed to having forged her results unaided.
Read more »
Transfer: You have time – Osimhen told not to sign more than two years contractNigeria's former U-20 and U-17 coach, John Obuh, has urged Napoli striker, Victor Osimhen not to sign more than a two-year contract in his next deal. Obuh
Read more »