FG Targets N20bn Revenue from Mining Sector
By Adedapo Adesanya
The Ministry of Mines and Steel Development has said that it would place necessary measures and strategies to generate up to N20 billion from the ministry industry by the end of the year.
This was disclosed by the Minister of Mines and Steel Development, Mr Olamilekan Adegbite, while receiving the draft report on Revenue Optimisation from Mineral Resources Sector in Abuja, which contained developed strategies that would put in place
According to the Minsiter, strategies that would reshape and enhance the efficiency of the collection system are being developed so as to increase the sector’s contribution to Nigeria’s gross domestic product (GDP).
He explained that federal government wants to drive employment generation for Nigerians in the rural areas and also increase the revenue base, adding that recommendations would be studied in line with set goals.
Mr Adegbite further said the Ministry would begin to set quarterly targets for agencies and departments to work with, adding that by the end of the year, it will achieve the proposed revenue from the sector.
On his part, the Minister of State for the Ministry, Mr Uchechukwu Ogah, explained that when implemented, the new strategies would lead to the optimisation of revenue generated from minerals, he noted were abundant in the country.
Mr Ogah also said the committee has examined the revenue profile of the Ministry in the past five years, and noted that it increased steadily by over 68 percent from N2.2 billion in 2014 to N3.7 billion in 2018.
He further noted that the major mineral commodities account for a larger percentage of revenue generated by the Mineral Inspectorate Division, saying, these would boost income this year.
“The Ministry plans to develop Executive Order, and with Mr President’s approval, it would address the challenge of interferences by state governments in the governance of mining activities,” he said.