Summary
The Nigerian Federal Government and RMAFC are collaborating to address revenue leakages in the mining sector. The Minister of Solid Minerals expressed commitment to enhance revenue collection and has initiated measures to recover owed funds. RMAFC’s evaluation indicates significant shortfalls due to monitoring gaps, necessitating better cooperation to optimise the sector’s contribution to the economy.
The Federal Government of Nigeria, through the Ministry of Solid Minerals Development and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), is intensifying efforts to close revenue leakages in the mining sector. During a recent meeting, Dr. Dele Alake, the Minister of Solid Minerals Development, highlighted the RMAFC’s support for his initiatives aimed at transforming the sector. RMAFC chairman, Mohammed Bello, expressed commitment to collaborate closely with the Minister to bolster government revenues and address deficiencies in revenue collection from mining operations. The chairman of the RMAFC’s solid minerals committee, Abubakar Sadiq, noted that their evaluations indicated significant revenue shortfalls due to monitoring gaps. He underscored the importance of enhanced cooperation to improve revenue remittances by mining companies. In response, Dr. Alake pointed out that the federal government has initiated measures, including engaging consultants, to recover trillions of naira owed in royalties and taxes by licensed mining operators. He reiterated the government’s commitment to sanitising the mining sector, increasing its contributions to the national GDP, and ensuring that the benefits of mining operations reach all citizens. Overall, the partnership between the Ministry and RMAFC aims to ensure responsible management of natural resources and robust revenue generation for Nigeria, positioning mining as a critical contributor to the economy.
The mining sector in Nigeria is seen as a crucial contributor to the nation’s GDP, yet it faces challenges including revenue leakages and inadequate monitoring of operations. The government aims to enhance accountability and transparency in the sector to significantly boost revenues. Recent discussions between government officials and the RMAFC underline the importance of collaboration to tackle revenue collection issues and regulatory compliance in mining activities.
The ongoing collaboration between the Federal Government and the RMAFC is pivotal for addressing revenue leakages in Nigeria’s mining sector. With focus on recovery of unpaid royalties and taxes, there is a shared commitment to reform and enhance the sector’s contributions to the economy. By engaging stakeholders and implementing stringent monitoring, the government aspires to maximise the potential of the mining industry for the benefit of all Nigerians.
Original Source: www.zawya.com