The Federal Government of Nigeria (FGN) has introduced a new solid minerals data rendition template aimed at improving revenue monitoring and transparency in Nigeria’s solid mineral sector.
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) achieved this in collaboration with the Federal Ministry of Solid Minerals Development.
Speaking during a one-day sensitisation workshop on Tuesday in Abuja, the Chairman of RMAFC, Dr Muhammed Bello Shehu, represented by Hon. Ibrahim Shettima, Chairman of the Solid Minerals Monitoring Committee, said the new template would help strengthen the nation’s economic diversification efforts in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Dr Shehu explained that the initiative comes at a crucial time when Nigeria is striving to expand its revenue base beyond oil. According to him, “The implementation of the new data rendition template could not have come at a better time, given the current economic realities. The need to diversify our national revenue sources cannot be overemphasised.”
In a statement signed by Maryam Umar Yusuf, Head, Information and Public Relations, RMAFC, Shehu noted that the country’s over-dependence on oil revenues has been affected by global price fluctuations, crude oil theft, and pipeline vandalism, making diversification a national priority.
The RMAFC chairman further disclosed that the commission had earlier conducted nationwide solid mineral revenue monitoring exercises in 2016 and 2022, which significantly improved revenue collection from the sector. However, he lamented that despite the growing scale of mining activities, only a small portion of revenue is being remitted to the Federation Account due to poor monitoring systems.
He assured that under his leadership, the commission would ensure that all funds due from the mining sector are promptly and fully remitted into the federation account.
Explaining how the new data template works, Dr Shehu said it is designed to capture essential information such as the quantity of minerals produced, details of producing companies, their locations, licenses, fees, and payments. He added that proper use of the template would enhance transparency and accountability in the management of mineral revenues.
In his remarks, Hon. Ibrahim Shettima, Chairman of the Solid Minerals Monitoring Committee and Federal Commissioner representing Niger State, said the event was aimed at closing existing data gaps and ensuring timely and accurate rendition of revenue data from states and stakeholders.
He added that the new template would provide a credible, independent platform for reliable data collection and help guide policy formulation in the solid minerals industry.
Other stakeholders at the event, including Engr Imam Ganiu, Director of Mining Inspectorate (Federal Ministry of Solid Minerals), Engr Obadiah Nkom, Director-General of the Mining Cadastre Office, and Mr Segun Ayanleke, President of the Miners Association of Nigeria, emphasised that Nigeria has the potential to become a major player in the global mining sector if the industry is properly managed.
They called for stronger collaboration between government agencies and private stakeholders to ensure effective policy implementation and optimal results.
The event also featured presentations on global and Nigerian mining trends, data-driven revenue assessment, and the role of accurate data reporting in promoting transparency and accountability within the solid minerals sector.
Credit: Summit Post News
