ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Thursday, February 25, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Kayode Fayemi

Kayode Fayemi, Governor , Ekiti State

481 govt. licensed mining firms paid royalties in 2015 – NEITI

byBassey Udo
November 20, 2017
3 min read

Only 481 companies operating under government approved mining or quarrying licences paid royalties in 2015, the latest independent audit report of the Nigeria Extractive Industries Transparency Initiative, NEITI, shows.

Of the 481 companies, only 42 met the N3 million and above materiality threshold and accounted for over 87 per cent of the total royalty paid during the year.

The report released on Sunday in Abuja contained details by the Mines Inspectorate Department, MID, of the Federal Ministry of Mines and Steel Development, showing that Nigeria earned about N69.2 billion from the solid minerals sector in 2015.

The report by the National Stakeholders Working Group, which is the board of NEITI, showed that the revenue earnings increased by about 24 per cent, from about N55.8 billion realised from the sector in 2014.

The audit report also showed that the total production of solid minerals in the country stood at about 39.27 million tons, representing a reduction of about 17 per cent, from about 47.1 million tons produced in 2014.

The drop in 2015’s production figure, the report noted, was as a result of the insecurity in parts of the country where deposits of these minerals are found.

The other reason was the more stringent approval process for explosives used in mining.

Regardless, the report noted that while mineral production reduced, government revenues rose during the same year due to the growth in taxes collected from the sector and the review of royalty rates paid by companies, which came into effect within the year under review.

NEITI’s previous solid minerals audit reports had recommended upward review of Nigeria’s royalty rates to align with prevailing industry and present day realities.

RelatedNews

VIDEO: What Bawa told Senate about himself

Facebook to invest $1bn in news industry

VIDEO: How missing Pharmacy admission made me into a passionate farmer -Chinonye

VIDEO: How we survived bandits’ attack, abduction — Kagara College Students

The report also disclosed that the value of solid minerals exports in 2015 stood at $9.733 million, which was 1.45 per cent of non-oil exports for the year.

Lead and zinc topped the chart with 79 per cent valued at $7.7 million, while 175 ounces of gold valued at only $122,000 were exported during the period.

Besides, the report showed that the solid minerals sector contributed 0.12 per cent to Nigeria’s Gross Domestic Product, GDP, in 2015, a marginal increase of 0.01 per cent on the 0.11 per cent contribution of the sector to GDP in 2014.

Dangote adbanner 728x90_2 (1)

NEITI’s Executive Secretary, Waziri Adio, said the report showed that the contribution of the solid minerals sector to government revenues and macro-economic indicators was beginning to improve, even if marginally.

“The sector could definitely contribute more to revenues, job and wealth creation, exports, imports substitution, industrial development and overall national growth”, Mr. Adio said.

“But there is a sign of progress already. What we need to do is to build on, deepen and sustain this early promise, to ensure that the country returns to being a major mining destination and maximises the abundant opportunities offered by the sector.”

“Faithful and sustained implementation of the roadmap developed by the Ministry of Mines and Steel Development and of the recommendations in this report will be necessary,” he added.

Highlights of the report showed specific contributions by companies and states to the sector’S revenue growth and development.

A review of the country’s sector showed that most of the selected companies operate mainly in the manufacturing and construction sectors of the economy.

ADVERTISEMENT

“Cement manufacturing companies were the major revenue contributors to the sector, accounting for over 60 per cent, while construction companies and real mining companies contributed about 31 per cent and eight percent respectively.”

For instance, Ogun, Kogi and Cross River states and the FCT accounted for about 70 per cent of the production volumes in 2015, with Ogun State topping with 36 per cent.

The report revealed that a total of 4,305 mineral titles were valid in 2015, out of which 204 were mining leases, 657 for small scale mining, 1,865 for quarrying licences and 1,579 exploration licences.

Of the 4,305 mining titles, a total of 1,220 were issued in 2015 alone.

The NEITI Executive Secretary who disclosed that the NEITI 2015 Oil and Gas report would be released next month, said the Board was determined to ensure its reports were timely.

“Resources and processes permitting, NEITI plans to clear the backlog of reports by the middle of 2018. Our goal is not just to make our reports more timely, but also to make them as real-time as possible, to enhance their utility and relevance”, Mr. Adio said.

He said the procurement process of the 2016 reports were being finalised, while the procurement for the 2017 reports would soon commence.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

‎Anambra Election: 20 parties score less than 100 votes each

Next Post

Major health stories in the news last week

Bassey Udo

Bassey Udo

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

More News

Chikwe Ihekweazu, Director-General of the Nigeria Centre for Disease Control (NCDC) [PHOTO: @NCDCgov]

Nigeria records 655 new COVID-19 cases, 11 deaths

February 25, 2021
Obinwanne Okeke, a Nigerian 'businessman' who was recently arrested for alleged $11 million fraud.

EXCLUSIVE: How U.S. will recover $10.7m restitution from Obinwanne Okeke

February 25, 2021
Naira and Dollars

Naira weakens against dollar on I&E window

February 24, 2021
Electricity prepaid meters used to illustrate the story.

Nigeria electricity regulator seeks citizens’ ideas on mass metering

February 24, 2021
Governor Muhammad Badaru (

Nigerian governor signs law approving death sentence for rapists

February 24, 2021
Obinwanne Okeke

EXCLUSIVE: Obinwanne Okeke to restitute $10.7million, forfeits wedding ring, cars to U.S.

February 24, 2021
Next Post
Health Minister, Dr. Isaac Adewole

Major health stories in the news last week

National Bureau of Statistics headquarters

Nigeria's GDP rises

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,624,023 other subscribers.

Advertisement






netherland biz school Advert

Zenith Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.