47bn from the solid minerals sector in 2018, the country’s highest earnings from the industry in 12 years, an audit report released on Sunday by the Nigeria Extractive Industries Transparency Initiative stated.
The audit report reconciled companies’ payments and government’s receipts from the sector in 2018, as well as tracked production volumes and trends of revenues from the sector to the federation account from 2007 to 2018. The report stated, “Nigeria has published eight cycles of solid minerals audit reports since it signed up to the Extractive Industries Transparency Initiative.
The report further highlighted that the sector had over the years witnessed fluctuations in revenue earnings.
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