The extractive and mining sector remitted N1.14tn as revenue to the federation account between 2019 and 2023, a new report by the Nigerian Extractive Industries Transparency Initiative has stated.
It said this substantial amount was subsequently distributed equally among the three levels of government—federal, state, and local—highlighting the sector’s growing contribution to the nation’s gross domestic product.
It noted, however, that 1,619 companies currently owe the government N680.3m in unpaid fees and royalties.
These details were revealed in the 2022/23 latest Solid Minerals Industry report, themed, “Unleashing potentials of the solid mineral sector: Assessing the implementation of the Nigeria Mining Road Map.”
NEITI’s audit reports have consistently provided valuable insights into the extractive industries, leading to significant reforms and improved revenue collection.
The NEITI Executive Secretary, Ogbonnaya Orji, noted that the solid mineral sector has the potential to expand and contribute significantly to Nigeria’s economy.
