FG, RMAFC commit to boosting revenue in mining sector

“From our efforts so far, we have discovered to our chagrin that we are owed trillions of naira in unpaid royalties and taxes by legalised operators."

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FG, RMAFC commit to boosting revenue in mining sectorThe Ministry of Solid Minerals Development and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) are collaborating to boost revenue in the mining sector.

This is through blocking leakages in the revenue collection processes, aimed at  addressing  shortfalls in revenue remittances by mining operators.

The move  followed the recent visit of a delegation from RMAFC led by its Chairman, Mohammed Bello, to the Minister of Solid Minerals Development , Dr Dele Alake.

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BRANDPOWER reports that the minister announced the collaboration in a statement by his Special Assistant on Media, Mr  Segun Tomori, on Sunday in Abuja.

RMAFC had observed a monitoring gap in the mining sector, leading to shortfall in its revenue, which could  be addressed through collaborations by the relevant organisations constituted to perform the duties.

It had also called for proper documentation of minerals exported through the borders, and mitigating the impact of mining operations to the environment.

Alake said  the Federal Government was determined to block the leakages through automating the processes involved in revenue collection, and the engagement of high level professionals towards  boosting revenue in mining.

“From our efforts so far, we have discovered to our chagrin that we are owed trillions of naira in unpaid royalties and taxes by legalised operators.

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“We are committed to recovering these funds and also in the process of engaging internationally certified auditors, to look at the system and automate the whole gamut of the revenue collection processes, “he said.

Alake restated the commitment of government to sanitise and reposition the mining sector, aimed at boosting its capacity to contribute substantially to the nation’s revenue.

He added that the move would reduce the over dependence on the oil sector, and make mining compete favourably with the sector in contributing to Nigeria’s Gross Domestic Product.

The minister said that the government would collaborate with relevant agencies, state and host communities of minerals, to explore the maximum potentials of the mining sector.