Minerals and Metals Sector contributes to Federation Account.

[FMINigeria]

                        The Ministry of Mines and Steel Development has once again commenced contribution of revenue to the distributable federation account as it now records an increase in revenue generation.

This was disclosed by Arc. Musa Mohammed Sada, the Minister of Mines and Steel Development, during his presentation of his mid-term score card for the minerals and metals sector at the 2013 Ministerial platform in Abuja.

The Ministry facilitated the establishment of 1,154 new quarries and 127 small scale mines, bringing the total quarries to 1,710 and small scale mines to 223 in different locations in the country, thus creating jobs and revenues to Government.

Whilst speaking on revenue generation trend from royalties, the Mines and Steel Minister stated that of the active revenue block, N1M was generated from royalties, whilst N15M taxes were collected by his Ministry.

The success notwithstanding, the Minister said, the Ministry is still facing some challenges of inadequate funding, lack of adequate mines special purpose surveillance equipment for field work and revenue collection/monitoring, amongst others.

Mr. Labaran Maku, the coordinator of the platform and Minister of Information, in his remark said that oil alone cannot sustain the economy, hence the essence of harnessing solid minerals of which the country is endowed with, and this has started yielding results.

Via: Federal Ministry of Information (FMI) Nigeria