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FG generates N5.2billion in 5 years from royalties in mining

14 July 2014, 06:37

Abuja - The Federal Government generated N5.2 billion between 2009 and 2013 from royalties in mining, Dauda Awojobi, Acting Director of Mines Inspectorate, Federal Ministry of Mines and Steel Development, has said.
Awojobi made the disclosure in Abuja on Sunday in an interview with the News Agency of Nigeria (NAN).

He said that N736. 92 million was generated in 2009; N889, 46 million was generated in 2010, while N970. 78 million was generated in 2011.

He added that N1.12 billion was generated in 2012, while N1. 45 billion was generated in 2013.

“In 2009, we generated N736.92 million compared to N1.45 billion generated in 2013. This is significant as the increment is in geometrical progression,” he said.

Awojobi said the revenue accrued from more than 44 minerals that were mined across the country.

He said 153.9 million tonnes of minerals were mined in five years.

“Generally, we have a royalty template whereby royalties are calculated based on three per cent to five per cent of the value of the minerals.”

“It is as a result of this increase in production that we are able to make significant progress through royalties generated between 2009 and 2013,” he said.

-    NAN

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