FG Approves 13% Mineral Revenues to Deserving States

475
Advertisements
0
()
(Last Updated On: 2016-12-21)

 

 

Federal Government has approved implementation of constitutionally guaranteed 13 per cent derivation from mineral revenues to deserving states.

The Minister of Mines and Steel Development, Kayode Fayemi, made the announcement in Sokoto State on Tuesday at a 2-day workshop on Special Purpose Vehicles (SPVs) in development of mining sector.

Fayemi revealed that the workshop is to encourage beneficial participation of state governments in natural resources governance.

The minister said that the implementation is similar to derivation that oil-producing states are currently enjoying from Federation Account.

He explained that the Federal Government was working closely to build capacity of state governments in structuring of the vehicles to participate in mining in their jurisdictions.

The minister added that this neither undermine private sector players nor discourages mining enterprise within their states.

Also speaking at the workshop, Sokoto state Governor, Aminu Tambuwal, said the state would work with the Federal Government to formalize and manage artisanal miners.

Tambuwal assured that the government would also work with defense and security agencies to curb illegal mining in the state.

The state Commissioner for Solid Minerals and Natural Resources Development, Bello Goronyo, said the programme was part of efforts by the federal and state governments to diversify their economies through effective use of the solid mineral resources.

Goronyo explained that the state government had taken a giant stride in drive to diversify the state’s economy through exploration, mapping and identification of locations of the minerals in the state.

”The state government had given the ministry all necessary support and cooperation to enable it to discharge it’s duties without hitches.” He said.

Also Read  Food Inflation Hits 20.6%, Price Increase Persist
Advertisements

 

 

How useful was this post?

Click on a star to rate it!

Average rating / 5. Vote count:

No votes so far! Be the first to rate this post.

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?

Advertisements

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.