• Wednesday, December 06, 2023
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No record of royalty payment by 25 firms exporting minerals – RMAFC

No record of royalty payment by 25 firms exporting minerals – RMAFC

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said that over twenty five mining companies across the country as at 2019 had no record of royalty payment to the tune of N482 million.

Also, over six mining companies did not comply with the Nigerian Extractive Industry Transparency Initiative (NETI) Audit 2020 by failing to provide any data, it was noted.

This was according to Eyo Nsa Whiley, the Federal Commissioner of RMAFC in-charge of Cross River state, who disclosed this on Friday at the Federal Secretariat Complex during a one day Seminar on National Monitoring Exercise of Royalty Collections and the Activities of Miners in the Solid Minerals Sector.

He lamented that the total sum of N2.76b were being owed by 2,119 mining companies nationwide as overdue royalties for failures to pay what he described as the Annual service fees for their respective minerals titles.

Read also: Revenue allocation review not intended to change fiscal arrangement; RMAFC

In a paper presentation, on the Nigerian Solid Mineral Sector: Operators and Remittance of appropriate Revenue for Economic Development, Cross River State a case in point, Tom Nteyoho Chief Executive officer, TN Blue Consulting, said it is a good omen that the Nigerian Government is championing a drive towards diversification of the economy in the Solid Mineral Sector.

He said over 33 minerals are found in Cross River State but lamented that despite the huge potential, there’s still low level awareness in the sector.

He called on the Federal Government and the National Assembly to amend the 1999 constitution and allow States the control of solid minerals found in their domain and pay royalty to the Federal Government.

While declaring the Seminar open, Ivara Isu, the deputy Governor of Cross River State charged the participants to take the Seminar seriously and bring back the outcome to the State Government for appropriate action.