Uche Usim, Abuja
The Nigerian Extractive Industries Transparency Initiative (NEITI) has released its audit report, revealing that the solid minerals sector contributed N43.22 billion to government coffers in 2016.
A breakdown of the figure shows that taxes collected by the Federal Inland Revenue Service (FIRS) accounted for N40.38 billion or 93.43%, while fees collected by the Mining Cadastral Office stood at N1.15 billion or 2.66%.
The Mining Inspectorate Department (MID) recorded N1.64 billion as royalty payments, an increase of 30.15% over the N1.27 billion reported as royalty payments in 2015.
These are some of the highlights of the 2016 audit report of the solid minerals sector released today by NEITI.
The audit conducted under the EITI principles and standard reconciled payments made by mining companies in terms of taxes, royalty and rents against receipts of such payments by relevant government agencies.
From the report, total…
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