Economy
FG, RMAFC to Deepen Efforts to Stop Mining Revenue Leakages
By Adedapo Adesanya
The federal government, through the Ministry of Solid Minerals Development, and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), has resolved to strengthen collaboration to block revenue leakages in the mining sector.
Speaking while welcoming the RMAFC Chairman, Mr Mohammed Bello, and his team to his office recently, the Minister of Solid Minerals Development, Mr Dele Alake, commended the efforts of the commission to boost revenue accruing to government coffers through mining operations.
Mr Bello, in his remarks, stated that the agency’s visit was hinged on pledging support for the efforts of the Minister to transform the mining sector since assumption of office.
He also extracted commitment that the commission would get his cooperation to carry out its statutory monitoring activities.
“The commission was instrumental to getting the 10 per cent monthly payment from the Natural Resources Development Fund to the Solid Minerals Development Fund (SMDF), and we know we can do much more together under your guidance and leadership to sanitise the sector, plug all loopholes and ensure the mining industry becomes a big chunk of our nation’s Gross Domestic Product (GDP),” he said.
In his submission, the commission’s chairman of the solid minerals committee and commissioner representing Zamfara State, Mr Abubakar Sadiq, lauded the Minister for his reforms and leadership that have given visibility to the mining sector, stressing the need for improved collaboration with the RMAFC to address the shortfall in revenue remittance by mining operators.
“Our evaluation of mining operations across the country has shown a shortfall in revenue to the government. There is a monitoring gap. The government and RMAFC should strengthen collaboration to seal this gap and plug leakages in the system.”
”We are also making a case for proper supervision and documentation of minerals exported through our borders whilst also urging that the environmental impact of mining operations should be looked into and minimized,” Mr Sadiq added.
Mr Alake, in his response, revealed that the federal government has put in place measures like engaging consultants to block leakages and recover funds owed by licensed operators, which he put at several trillions of Naira.
“From our efforts, so far, we have discovered to our chagrin that we are owed trillions of naira in unpaid royalties and taxes by legalised operators. We are committed to recovering these funds and also in the process of engaging internationally certified auditors to look at the system and automate the whole gamut of the revenue collection processes,” the minister asserted.
Mr Alake also restated the resolve of the government to sanitise the mining environment, ensure it contributes substantially to the nation’s revenue, and ultimately make the sector rival oil in contribution to Nigeria’s GDP.
“We are ready to collaborate with you, states, and host communities to maximise the potential of the mining sector for the benefit of all Nigerians. Our focus is to ensure that the industry translates to greater good for the greatest number of our people,” he said.
By Modupe Gbadeyanka
All individual taxpayers in Lagos State have been advised to file their annual tax returns ahead of the March 31 deadline.
This appeal was made by the Lagos State Internal Revenue Service (LIRS) in a statement issued by its Head of Corporate Communications, Mrs Monsurat Amasa-Oyelude.
The notice quoted the chairman of LIRS, Mr Ayodele Subair, as saying that timely filing remains both a constitutional and statutory obligation as well as a civic responsibility.
The statutory filing requirement applies to all taxable persons, including self-employed individuals, business owners, professionals, persons in the informal sector, and employees under the Pay-As-You-Earn (PAYE) scheme.
In accordance with Section 24(f) of the 1999 Constitution of the Federal Republic of Nigeria, Sections 13 &14(3) of the Nigeria Tax Administration Act 2025 (NTAA), every individual with taxable income is required to submit a true and correct return of total income from all sources for the preceding year (January 1 to December 31, 2025) within 90 days of the commencement of a new assessment year.
“Filing of annual tax returns is not optional. It is a legal requirement under the Nigeria Tax Administration Act 2025. We encourage all Lagos residents earning taxable income to file early and accurately.
“Early and accurate filing not only ensures full adherence with statutory requirements, but supports effective monitoring and forecasting, which are critical to Lagos State’s fiscal planning and long-term sustainability,” Mr Subair stated.
He further noted that failure to file returns by the statutory deadline attracts administrative penalties, interest, and other enforcement measures as prescribed by law.
To enhance convenience and efficiency, all individual tax returns must be submitted electronically via the LIRS eTax portal at https://etax.lirs.net. The platform enables taxpayers to register, file returns, upload supporting documents, and manage their tax profiles securely from anywhere.
In keeping with global best practices, Mr Subair reiterated that LIRS continues to prioritise digital tax administration and taxpayer support services. He affirmed that the LIRS eTax platform is secure and accessible worldwide. Taxpayers requiring assistance may visit any of the LIRS offices or other channels.
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited has said the Gas Master Plan 2026 targets over 230 per cent scale-up of Liquefied Petroleum Gas (LPG) supply from 1.5 million tonnes per annum (MTPA) to 5 MTPA this year.
The Executive Vice President for Gas, Power and New Energy at NNPC, Mr Olalekan Ogunleye, unveiled the strategic direction of the NNPC Gas Master Plan 2026, outlining an aggressive expansion drive to position Nigeria as a regional and global gas powerhouse.
Mr Ogunleye delivered the keynote address at the 2026 Lagos Energy Week, organised by the Society of Petroleum Engineers (SPE), where he detailed plans to accelerate gas development, deepen infrastructure and significantly scale domestic supply.
According to him, the Gas Master Plan targets a scale-up of LPG or cooking gas supply from 1.5 MTPA to 5 MTPA, alongside expanded feedstock for Mini-LNG and Compressed Natural Gas (CNG) projects.
“The NNPC Gas Master Plan 2026 is a blueprint to unlock Nigeria’s vast gas potential and translate it into tangible economic value,” Mr Ogunleye said.
He added that the strategy would also drive exponential growth in Gas-Based Industries, GBIs, strengthening local manufacturing, fertiliser production and power generation.
“Our renewed focus is on turning abundant gas resources into inclusive economic growth and improved quality of life for Nigerians,” he stated.
Mr Ogunleye said the plan aligns with the Federal Government’s Decade of Gas initiative and the presidential production targets of achieving 10 billion cubic feet per day by 2027 and 12 BCF/D by 2030.
Industry leaders at the event, including executives from Chevron Corporation, Esso Exploration and Production Nigeria Limited, Midwestern Oil and Gas Company Limited, Abuja Gas Processing Company and Shell Nigeria Gas, commended the plan and praised Ogunleye’s leadership in driving implementation excellence.
The new blueprint signals NNPC’s determination to anchor Nigeria’s energy transition on gas, leveraging infrastructure expansion and domestic utilisation to consolidate the country’s status as Africa’s largest gas reserve holder.
By Adedapo Adesanya
Vice President Kashim Shettima has attributed the Naira’s recent depreciation to the intervention of the Central Bank of Nigeria (CBN) in the foreign exchange (FX) market, stating that the currency could have strengthened to around N1,000 per Dollar within weeks if the apex bank had allowed market forces to prevail.
The local currency has dropped over N8.37 on the Dollar in the last week, as it closed at N1,355.37/$1 on Tuesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), after it went on a spree late last month and into the early weeks of February.
However, speaking on Tuesday at the Progressive Governors’ Forum (PGF), Renewed Hope Ambassadors Strategic Summit in Abuja, the Nigerian VP said the intervention was to ensure stability.
“In fact, if not for the interventions by the Central Bank of Nigeria yesterday, the 1,000 Naira to a Dollar we are going to attain in weeks, not in months. But for the purpose of market stability, the CBN generously intervened yesterday.
“So, for some of my friends, especially one of our party leaders who takes delight in stockpiling dollars, it is a wake-up call,” the vice president said.
He was alluding to CBN buying US Dollars from the market to slow down the rapid rise of the Naira.
Latest information showed that last week, the apex bank bought about $189.80 million to reduce excess Dollar supply and control how fast the Naira was gaining value.
The move was aimed at preventing foreign portfolio investors from exiting Nigeria’s fixed-income market, as large-scale sell-offs could heighten demand for US Dollars, intensify capital flight, and exert further pressure on the exchange rate.
Amid this, speaking after the 304th meeting of the monetary policy committee (MPC) of the CBN on Tuesday, Governor of the central bank, Mr Yemi Cardoso, said Nigeria’s gross external reserves have risen to $50.45 billion, the highest level in 13 years.
This strengthens the country’s foreign exchange buffers, enhances the apex bank’s capacity to defend the Naira when needed, and boosts investor confidence in the stability of the Nigerian FX market.
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