Abuja — The Federal Government earned about N1.7 billion from the solid minerals sector between 2010 and 2011, the Revenue Mobilization, Allocation and Fiscal Commission, RMAFC, has said.
The government which attributed the earnings to its advocacy and mass mobilization campaigns on economic diversification said the states from where the minerals were mined would be paid the 13 per cent derivation next year.
Chairman, RMAFC, Public Affairs and Communication Committee, PACC, Ambassador Zubairu Dada, who disclosed this to newsmen at the end of the 67th plenary session of the commission, in Abuja, yesterday, also expressed optimism that beside complimenting revenue from oil, revenue from the solid mineral sector could ensure even development in the country as every part of the country produces one solid mineral or the other.
He explained that in line with the second Executive Order of July 2002, the sharing of the derivation fund to beneficiary states would be based on the 13 per cent Derivation Indices using 2010-2011 Solid Minerals Revenue Contribution by the 36 states and the FCT.
The PACC chairman said it was gratifying to note that unlike oil and gas, Solid Minerals were found in every state of the federation including the Federal Capital Territory.