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Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi - Politics - Nairaland

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States To Receive 13% Derivation From Mining Revenue — FG / FG Secures 13% Derivation Mining Revenue For States / RMAFC To Commence Disbursement Of 13% Derivation Fund To Lagos (Pic) (2) (3) (4)

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Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by Nobody: 2:36pm On Sep 29, 2016
States with active mining of solid minerals in their domains are to receive 13 per cent derivation revenue, just as their counterparts in oil and gas producing areas, the federal government has said.

The Minister of Mines and Steel Development, Kayode Fayemi, who said this in Abeokuta, Ogun State, said serious-minded operators in the mining sector would soon be granted access by the government to the intervention finance for mining from the National Resource Fund.

The minister, who was addressing the opening of the National Council on Finance and Economic Development (NACOFED) on Tuesday, did not say when the payment would begin.

The National Resource Fund is about 1.6 per cent revenue allocation from the Federation Account set aside by the federal government for agriculture, solid minerals and water resources development. The minister said President Muhammadu Buhari had already given approval for the Ministry of Mines and Steel Development to grant active players in the sector access to the fund.

The Minister, who spoke on the topic, “Non-oil sector as a sustainable alternative in enhancing revenue generation”, said funding has remained a major challenge to the development of the sector. Mr. Fayemi was however optimistic access to the mining intervention fund, coupled with funding to be
provided by Nigerian banks, would boost sector growth. Mr. Fayemi was however optimistic access to the mining intervention fund, coupled with funding to be provided by Nigerian banks, would boost sector growth.

"This is a significant shift. It signpostsStates with active mining of solid minerals in their domains are to receive 13 per cent derivation revenue, just as their counterparts in oil and gas producing areas, the federal government has said.


He said payment of 13 per cent derivation to states would deepen the ministry’s partnership with the state governments. Besides, he said arrangements were afoot to establish a Council of Mining and Mineral Resources Development, a quarterly forum for the minister, commissioners responsible for mining and natural resources at the states as well as other relevant government officials.

“The forum would be an avenue to discuss pertinent issues on the mining sector, which are of concern to the federal and state governments. It will also allow us to track progress on agreed areas of collaboration,” Mr. Fayemi said.

The minister also unfolded the ministry’s plan to set up zonal offices of the Mining Cadastral Office, to bring its operations closer to the states. Equally, he said the federal government would work with states to find commercial means to co-invest alongside private companies to bring mining assets to market faster and more profitably. The minister assured state government the right regulatory frameworks to encourage investors comply with global best practices in resource extraction, by integrating all relevant environmental protocols to conduct mining activities and related business.

“This is why ecological justice is one of the major planks of our approach to the repositioning of the solid minerals sector,” the minister said.


http://www.premiumtimesng.com/business/business-news/211553-states-receive-13-derivation-revenue-mining.html

4 Likes 1 Share

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by Blakjewelry(m): 2:38pm On Sep 29, 2016
Not a bad idea
Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by CSTR2: 2:40pm On Sep 29, 2016
/

30 Likes 1 Share

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by Nobody: 2:42pm On Sep 29, 2016
Some Niger Delta Avengers are already upset, the poster above me calling the mining state parasite. In real sense you're the Parasite. Read again, they did not say the revenue will come from oil, rather from the solid minerals extracted from their own land. Hatred will kill you.

87 Likes

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by jesse8048(m): 2:45pm On Sep 29, 2016
They can have all 100%, we shud implement true federalism. No reasonable mining yet but they have already tabled down their 13%. In less than 2years it will rise to 25% and so on.

36 Likes 1 Share

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by koladebrainiac(m): 2:46pm On Sep 29, 2016
This will encourage states to invest aggressively on solid minerals

10 Likes

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by modath(f): 2:49pm On Sep 29, 2016
koladebrainiac:
This will encourage states to invest aggressively on solid minerals

You can say that again, Ilesa in Osun state has major gold deposits that chinese have been illegally mining, it's with speed that the governor will begin shook eye now.

15 Likes 1 Share

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by Nobody: 2:52pm On Sep 29, 2016
jesse8048:
They can have all 100%, we shud implement true federalism. No reasonable mining yet but they have already tabled down their 13%. In less than 2years it will rise to 25% and so on.


If the solid minerals are on Niger Delta domain you will not come to spew this trash. selfishness and hatred. You enjoy 13 percent from oil, you still want the 13 percent of other regions to be put in Federal account as national cake. Selfish person.

24 Likes 1 Share

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by veekid(m): 2:58pm On Sep 29, 2016
All talks and no action makes Nigeria a failed nation...... enough of all these talks and swift into action Mr minister

1 Like

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by richidinho(m): 2:59pm On Sep 29, 2016
Good

1 Like

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by Agimor(m): 3:00pm On Sep 29, 2016
This a good move it will enable other states to tap into their God given resources as they would have it in mind that it will boost their federal allocation.
Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by Nobody: 3:00pm On Sep 29, 2016
My Ogun state is going to get richer... What is sauce for the goose is sauce for the gander...If the ND brothers can get the same, nothing do my state, at least, it houses the biggest cement companies in Nigeria and Africa, Dangote(Ibeshe) and Lafarge(Ewekoro& Lakatabu) cement.

9 Likes 1 Share

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by richidinho(m): 3:01pm On Sep 29, 2016
FriendChoice:



If the solid minerals are on Niger Delta domain you will not come to spew this trash. selfishness and hatred. You enjoy 13 percent from oil, you still want the 13 percent of other regions to be put in Federal account as national cake. Selfish person.

And you think there is non there?

5 Likes

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by Nobody: 3:01pm On Sep 29, 2016
They have not even begun credible investigation for marketable raw materials and industrial-level exploration and they are already looking for 13% derivation.
Parasites who can't receive what they dish out. I am sure if these guys had oil, it would be a grip-like hold.

8 Likes

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by MadCow1: 3:01pm On Sep 29, 2016
I concur..



What good for the food is good for the Kanda. angry

6 Likes 1 Share

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by Izonpikin: 3:01pm On Sep 29, 2016
good for them...sooner they would clamor for full resource control..

but let them start the mining first na...

everybody to their resources....

2 Likes

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by saywhaat: 3:02pm On Sep 29, 2016
Ok then
Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by Sweetle(f): 3:03pm On Sep 29, 2016
Good.

1 Like

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by menix(m): 3:03pm On Sep 29, 2016
hahahaha..

Since Land mines re found in Borno, hope they will get 13% more bombs

6 Likes

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by tiwiex(m): 3:03pm On Sep 29, 2016
FriendChoice:
Some Niger Delta Avengers are already upset, the poster above me calling the mining state parasite. In real sense you're the Parasite. Read again, they did not say the revenue will come from oil, rather from the solid minerals extracted from their own land. Hatred will kill you.

I thought the 13% derivation was to compensate the oil producing states. The goose that lays the golden egg. I see no justification in giving part of it to the mining states unless it can be proven they contribute significantly to the purse. I also foresee another problem. Many states have solid minerals even in the north. This seems like a strategy to share 13% derivatives to states that were not even part of the idea. When solid minerals start generating revenue, they can take 13% of that. I thought Fayemi's job was to bring in FDI to make that sector viable?

4 Likes

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by Phonefanatic: 3:04pm On Sep 29, 2016
Must we dig to make a living? So if nothing is buried underneath we won't survive

2 Likes

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by striker9(m): 3:04pm On Sep 29, 2016
Its a welcome development if actualized,FG will be able to monitor the mining materials which I believe should create more jobs.
Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by Olukat(m): 3:05pm On Sep 29, 2016
MadCow1:
I concur..



What good for the food is good for the Kanda. angry


Hope you are comfortable? cheesy
Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by menix(m): 3:05pm On Sep 29, 2016
Lagos state should better demand 13% derivatives from Import duties..

2 Likes

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by timeman: 3:05pm On Sep 29, 2016
Afonja Slaves in SW & North better go back to SE & start digging up coals for their own share of 13%.
Kiss the truth!

4 Likes

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by tiwiex(m): 3:06pm On Sep 29, 2016
koladebrainiac:
This will encourage states to invest aggressively on solid minerals
Why would they invest when the investment is coming from 13% derivation they don't deserve to get. How many states are solid mineral states? Quite a number if you ask me.
Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by anonimi: 3:06pm On Sep 29, 2016

6 Likes 2 Shares

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by Nobody: 3:06pm On Sep 29, 2016
tiwiex:


I thought the 13% derivation was to compensate the oil producing states. The goose that lays the golden egg. I see no justification in giving part of it to the mining states unless it can be proven they contribute significantly to the purse. I also foresee another problem. Many states have solid minerals even in the north. This seems like a strategy to share 13% derivatives to states that were not even part of the idea. When solid minerals start generating revenue, they can take 13% of that. I thought Fayemi's job was to bring in FDI to make that sector viable?

Go and read again, He says active mining state. You said "even in the north". So north is your problem, it's the land you hate. I see

9 Likes

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by MadCow1: 3:07pm On Sep 29, 2016
Olukat:



Hope you are comfortable? cheesy


I don complain give you before? angry angry

1 Like

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by idris4r83(m): 3:08pm On Sep 29, 2016
Good
Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by MadCow1: 3:08pm On Sep 29, 2016
tiwiex:


I thought the 13% derivation was to compensate the oil producing states. The goose that lays the golden egg. I see no justification in giving part of it to the mining states unless it can be proven they contribute significantly to the purse. I also foresee another problem. Many states have solid minerals even in the north. This seems like a strategy to share 13% derivatives to states that were not even part of the idea. When solid minerals start generating revenue, they can take 13% of that. I thought Fayemi's job was to bring in FDI to make that sector viable?


13% from Mining proceeds not Oil proceed.. Whats the problem with that? undecided

12 Likes

Re: Mining States To Receive 13% Derivation Revenue - Minister Of Mines, Fayemi by TheRealestGuy(m): 3:09pm On Sep 29, 2016
If I'm not mistaken, the 13% would be of the funds realized from the mining activities and not from our national coffers... Or I hope so... If so then it's commendable....

But... If it be that it's from our national coffers then Mr Fayemi should be stoned out of that seat...

1 Like 1 Share

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