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)