Mining contributes N2bn into federation account – RMAFC

The Revenue Mobilisation Allocation and Fiscal
Commission on Sunday said over N2bn has been
contributed by the mining sector into the federation
account.
The Chairman, RMAFC, Elias Mbam, disclosed this
during a meeting with executive officers of the
Miners Association of Nigeria, led by its President,
Sani Shehu.
Mbam, in a statement by the commission, also
unveiled plans to collaborate with the association
in order to enhance the revenue generation
potential of the sector.
Through this collaboration, he said the sector
would be able to create jobs as well as improve
0n the socio-economic living conditions of the
people.
The statement reads in part, “The Chairman
commended the executive and members of the
association for their sustained interest in the
growth and development of the solid minerals
sector in spite of the enormous challenges
promising to partner the association in its quest to
diversify the economy especially in the face of
dwindling oil revenue.
“In this regard, he disclosed that the Commission
has supported the development of the sector
through the Natural Resources Fund domiciled in
the Central Bank.
“Mbam stressed that the Sector has contributed
over N2bn into the Federation Account.”
Shehu, in his remark, said the neglect of the sector
started after the discovery of oil.
“Indeed it is disturbing to observe that our local
industries largely depend on imported minerals
such as Gypsum, Barite, Talc, Kaolin as their raw
materials despite the availability of such minerals
in Nigeria,” the statement quoted him to have said.