Home General News NEITI - Govt made N43.2bn from solid minerals in 2016

NEITI – Govt made N43.2bn from solid minerals in 2016

The solid minerals sector donated N43.22bn to government funds in 2016, the Nigeria Extractive Industries Transparency Initiative publicised on Tuesday.

In its 2016 audit report of the solid minerals sector released in Abuja on Tuesday, NEITI stated that taxes gotten by the Federal Inland Revenue Service accounted for N40.38bn or 93.43 percent.

While fees obtained by the Mining Office stood at N1.15bn or 2.66 percent.

The Mining Inspectorate Department recorded N1.64bn as payments, a rise of 30.15 percent over the N1.27bn reported as royalty payments in 2015.

The audit prepared to accept payments made by mining companies in terms of taxes, and rents against receipts of such payments by important government agencies.

From the report, total minerals production for 2016 was 41.87 million tonnes valued at N34.09bn, representing 33 percent rise on the N25.56bn reported in 2015.

However, tax collection and payment of other fees for 2016 decreased by 32 percent when compared to the figure of N63.98bn for 2015.

The report further revealed that while 651 extractive companies made royalty payments in 2016, only 56 companies that met the threshold of N3m.

The companies that met this threshold accounted for 86.87 per cent of the total royalties paid.

Arierhi Odjirighohttps://360aproko.com/
Music lover, writing gives me joy and am a proud one. The secret of getting ahead is getting started

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