NEITI laments as FG generates N193.59 billion from solid minerals.

The Nigeria Extractive Industries Transparency Initiative (NEITI) was has  worried over the paltry N193.59 billion generated from solid minerals in 2021.

It said despite meagreness, the amount represented an impressive growth of N124.68 billion (236.33%) over the N67.76 billion raked in in 2017 and N177.44 billion in 2021.

Besides, citing the National Bureau of Statistics, the watchdog organization said the “the total Gross Domestic Product (GDP) for the country amounted to N173.53 trillion. Within this, the solid minerals sector made a noteworthy contribution of N1.102 trillion, accounting for approximately 0.63% of the total GDP.”

Presenting the Report on NEITI 2022 Solid Minerals Industry Audit in Abuja, its Executive Secretary, Dr. Orj Ogbonnaya Orji, insisted on upscaling efforts at increasing the revenue.

The report, he said covered, 1,214 companies, urging all Nigerians to study it and use it to hold the government and companies accountable.

He said, “Total revenue of N193.59 billion was generated. This is quite low. It is a sign that something must be done.”

Orji noted that the sum of N7.94 billion was distributed in June 2021 to the three tiers of government based on the mineral revenue sharing formula determined by the Revenue Mobilization Allocation and Fiscal Commission (RMFAC).

He also expressed concern that in the period under review, the country only exported 143,000 tons of minerals valued at $44.83million.

NEITI added that “Total mineral exported was 142,537,480 tons, with free-on-board (FoB) value of USD101,294,140.

“Lead ores and concentrates was the highest quantity of mineral exported in the year under review, accounting for 7.7% and 35.3% respectively, for both quantities exported and FoB value

According to him, the report was “unable to establish the quantity exported illegally which is very huge.”

The report, said Orji, revealed that there was a variance of 38,144,850 tons between solid minerals export reported by the Nigeria Customs Service and the Ministry of Mines and Steel Development.