Mining royalties increase Nigeria’s revenue

In a recession year when the nation’s economic activities came to a virtual halt on account of the global pandemic, the Nigerian solid minerals sector, defying all odds, is recording booming numbers, funneling N7.69 billion in royalties into federal coffers, the highest in a three-year period, according to a 2018-2020.
 
The core year of the COVID pandemic, 2020, posted about half of this amount, declared a gladdened Frank Odoom, Director of the Mines Inspectorate of the Ministry of Mines and Steel Development in Abuja who walked premium times through the current data which he credited to a new strategy in the ministry to pursue an aggressive revenue profile in the wake of lean oil earning into the federal purse.
 
Mr Odoom pointed out that the progression from 2018 to 2020 had been even, starting from a modest posting of N1.88 billion in 2018, remarking that the South-west region of the country recorded the highest contributions, accounting for N749.96 million, (39.95 per cent) of the total royalty paid in the year under review. Ogun State’s sole contribution to that regional performance was N563 million (75.09 per cent) of the total revenue generated in the South-west region…
 
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