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Business & Finance

FG Extends 13% Derivative Revenue to Mining States

FAYEMIKAY
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States with active mining of solid minerals in their domains are to receive 13 per cent derivation revenue, just as their counterparts in oil and gas producing areas, the federal government has said.

The Minister of Mines and Steel Development, Kayode Fayemi, who said this in Abeokuta, Ogun State, said serious-minded operators in the mining sector would soon be granted access by the government to the intervention finance for mining from the National Resource Fund.

The minister, who was addressing the opening of the National Council on Finance and Economic Development (NACOFED) on Tuesday, did not say when the payment would begin.

He said payment of 13 per cent derivation to states would deepen the ministry’s partnership with the state governments. Besides, he said arrangements were afoot to establish a Council of Mining and Mineral Resources Development, a quarterly forum for the minister, commissioners responsible for mining and natural resources at the states as well as other relevant government officials.

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“The forum would be an avenue to discuss pertinent issues on the mining sector, which are of concern to the federal and state governments. It will also allow us to track progress on agreed areas of collaboration,” Mr. Fayemi said.


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