It puts the total revenue that accrued to the government during these years to N818.04bn, but stated that this was significantly low compared to the economic potential of the sector.
It stated that of the N6.62tn total government revenue in 2021, the solid minerals sector barely contributed 2.6 per cent. Presenting the report in Abuja, the Executive Secretary, NEITI, Ogbonnaya Orji, said the 2021 solid minerals report reviewed, ascertained, reconciled and reported all revenues and investment flows to and from government in the solid minerals sector.
“The report which is NEITI’s 12th, covered actual payments by 1,214 companies operating in the sector and receipts by three government agencies, the quantities of minerals that they produced, utilised and exported from the sector, reconciled the physical/financial transactions and undertook special verification on some processes,” Orji stated.
He said the NEITI report also covered balances payable/receivable from financial inflows and tracked the funds and utilisation meant for the development of solid minerals in Nigeria.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.