Business

Revenue Generation: Nigerian govt shifts attention from oil

ABUJA, Nigeria – The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), has said as part of plans to boost Nigeria’s revenue generation, the federal government has commenced further development of mining and solid minerals sector.

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Mr Elias Mbam, Chairman of the commission, in an interview with the News Agency of Nigeria (NAN) in Abuja, said this would ensure less dependence on oil.

According to him, every state in the country has one form of mineral resources or the other that can be used to generate revenue.

“We are carrying out an advocacy campaign to state and local governments to make use of what is available to us.

“Basically, every state has one form of mineral or the other,’’ Mbam said.

He stressed that the country has solid mineral potentials that can be developed to generate more money than from oil and gas.

“We recommend that the money realised from the natural resources should be used to develop the solid mineral sector because it is vital to our social-economic development.’’

Mbam added that diversifying the economy would help to generate more money and that solid mineral was the commission’s major area of diversification.

He explained that solid mineral had started contributing to the federation account since his first tenure in office and money generated from the sector has been shared accordingly.

The chairman said that any state that generates revenue through solid mineral would get 13 per cent of the revenue.

He added that Ogun got the highest revenue because it generated the highest revenue from solid minerals.

“The 13 per cent derivation was also applied in the sharing.

“It is not exclusive to oil and gas alone but for any natural activities that generates money to the federation account,’’ he said.

Mbam said that all the states have the potential to generate revenue from solid minerals and encouraged them to develop the sector.

He assured that the commission would close all leakages so as to enhance the revenue generated.

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