The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has revealed that the solid minerals sector has generated the sum of N1.7bn following the effective advocacy and mass mobilization campaigns on economic diversification mounted by the commission in the last two years, adding that solid minerals producing states are scheduled to benefit from 13% derivation based on their individual contributions.

The Chairman of the Revenue Mobilisation and Fiscal Commission, Zubairu Dada disclosed this to newsmen at the end of the 67th Plenary Session of the Commission which held recently in Abuja. He expressed optimism that beside complimenting income from oil, returns from the solid minerals sector would ensure smooth flow of development in the country as every part of the country produces one solid mineral or the other.

He explained that in line with the 2nd Executive Order of July 2002, the sharing of the derivation fund to beneficiary states will be based on the 13% derivation indices using the 2010-2011 solid minerals revenue contribution by the thirty six states and the FCT. Zubairu Dada expressed fulfillment that unlike oil and gas, solid minerals are found in every state of the federation including the Federal Capital Territory; this will reduce the unnecessary rancour associated with sharing of oil revenue.

While detailing the breakdown of the states’ contributions, he noted that the total revenue from the solid minerals sector from 2010-2011 was N1,002,601,770.22 and that Kogi State contributed the highest amount to the solid minerals revenue during the period under review with a total contribution of N200,960,402.50. This according to him was followed by the Federal Capital Territory (FCT) with N116,136,097.77. He said: “the commission has already forwarded the solid minerals derivation indices to the Office of the Accountant-General of the Federation (OAGF) for sharing of the proceeds of the 13% derivation fund in January, 2013.

http://fmi.gov.ng/solid-minerals-sector-generates-n1-7bn-revenue-states-to-enjoy-13-derivation/

Finally another non-oil sector is coming up.

As far as mineral deposits are concerned, KOGI state and next-door NASARAWA state are the most well-endowed across the entire country.

Kogi state alone has deposits of a total of 29 MINERAL RESOURCES available in commercial quantities.These include coal,dolomite,feldspar,bauxite,iron ore,tar,limestone,gold etc. Each of the 21 LGAs in the state has deposits of at least 2 minerals. One of the coal-rich areas is the Okaba district of Ankpa LGA which alone holds reserves of 99 million tonnes of coal. As things stand, Kogi state alone has enough deposits of coal to supply all of Nigeria with electricity for 400 years. Kogi state alone holds enough limestone to keep 3 giant-sized cement factories (with over 15m tons annual capacity) operational for an unbroken stretch of 99 years.

Wow!!!

What difference does revenue generations makes in a nigeria when it is going to be stolen by a group of people that are entrusted with thess revenues?It is all about enriching the politicians/cohorts and making the game more irrationally competitive and deadly.

redsun: What difference does revenue generations makes in a nigeria when it is going to be stolen by a group of people that are entrusted with thess revenues?It is all about enriching the politicians/cohorts and making the game more irrationally competitive and deadly.

Keep on thinking like that my friend and you will be left in the gutter. Revenue generations are already making difference. Opportunities abound in Nigeria. In the next 5-10 year Nigeria will be the undisputed No. 1 economy in Africa. All sectors of the economy are growing with agriculture leading the way. Don't miss out.

demmy:

Wow!!!

can you imagine? And the sick governor there won't look for a way to get investors in instead, he waits for monthly allocation.

redsun: What difference does revenue generations makes in a nigeria when it is going to be stolen by a group of people that are entrusted with thess revenues?It is all about enriching the politicians/cohorts and making the game more irrationally competitive and deadly.

first of all, to get these minerals from the ground, labour is needed. If that is all we gain we should be ok with it while we gradually press for government to be more prudent.

demmy:

Keep on thinking like that my friend and you will be left in the gutter. Revenue generations are already making difference. Opportunities abound in Nigeria. In the next 5-10 year Nigeria will be the undisputed No. 1 economy in Africa. All sectors of the economy are growing with agriculture leading the way. Don't miss out.

I dont think you are seeing very clearly,because the way things are going there wont be nigeria in the nest 5-10 years.A society cannot thrive or develop in a cesspit of corruption called nigeria.The leaders are literally bandits that carts away everything within their reach like warlords carting away spoils of war.

redsun: What difference does revenue generations makes in a nigeria when it is going to be stolen by a group of people that are entrusted with thess revenues?It is all about enriching the politicians/cohorts and making the game more irrationally competitive and deadly.

first of all, to get these minerals from the ground, labour is needed. If that is all we gain we should be ok with it while we gradually press for government to be more prudent.

blink182: first of all, to get these minerals from the ground, labour is needed. If that is all we gain we should be ok with it while we gradually press for government to be more prudent.

I understand all that,given a chance nigeria can only but grow.But we can do better with accountable leadership and accountable leadership is the birth right of any free human being,anything short of that are slavery,subjection and man's inhumanity against man.