Friday, December 2, 2022

2,119 mining companies in Nigeria did not pay royalties: RMAFC

“There is also the issue of underpayment of royalty by 25 enterprises that exported minerals in 2019 with no record of royalty payments,” RMAFC disclosed.

• September 27, 2022
Mining site
Mining site

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says it is verifying and reconciling revenue collections in the solid minerals sector.

RMAFC federal commissioner Tokunbo Ajasin stated this at a strategic meeting on the commission’s nationwide monitoring of revenue collections in Akure on Monday at the Ondo Ministry of Finance Conference Hall.

Mr Ajasin said 25 enterprises exported minerals in 2019 with no record of royalty payment, while about N2.76 billion outstanding liabilities had been established against 2,119 mining companies nationwide. He said this arose from failing to pay the annual service fees for company titles.

RMAFC is empowered to monitor all revenue accruals from the extractive industries to ensure prompt and accurate remittances to the federation accounts.

The RMAFC federal commissioner added that the monitoring was a follow-up on the 2016 exercise to assess the challenges hindering optimum revenue collection from the sector.

“There is also the issue of underpayment of royalty by 25 enterprises that exported minerals in 2019 with no record of royalty payments. These companies owe the government about N482 million in overdue royalty,” Mr Ajasin explained. 

(NAN)

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Enugu

Enugu DisCo laments vandals destroying its equipment

EEDC has arrested and handed eight electricity installation vandals to the police for investigation and prosecution.

Akin-George Fashola

Hot news Home top

Lagos begins issuing international driver’s permit

The Lagos government says it will start issuing international driver’s permit effective this month.

Olufunmilayo Balogun-Alexander

Diaspora

Guterres appoints Nigerian Balogun-Alexander UN resident coordinator in Timor-Leste

Ms Balogun-Alexander has more than 30 years of experience working on and leading humanitarian, peace and development projects at a senior level globally.

National Agency for the Prohibition of Trafficking in Persons (NAPTIP) and sexual and gender-based violence (SGBV) used to illustrate the story.

Abuja

SGBV: NAPTIP decries rising violence against women, girls in Abuja

NAPTIP received a report of 1,100 cases of domestic SGBV between January and October.

Biden Putin

World

Biden hints on NATO-led talks with Moscow, if Putin is “willing”

Mr Biden says he is prepared to hold talks with Russia President Vladimir Putin in consultation with his allies from the North Atlantic Treaty Organisation (NATO).

Oyo State governor, Seyi Makinde (Photo Credit: Twitter)

Ibadan

2023: Makinde parleys PDP members in Ogbomoso, begs for votes

Mr Makinde said that the essence of the meeting was to resolve the internal crises within the party in the zone.