No less than 2,119 companies operating in Nigeria’s solid minerals industry owes the Federal Government N2.76bn service fees, according to Nigeria Extractive Industries Transparency Initiative.
The debts of the companies were revealed by NEITI in its latest report of the mining sector for the year 2020.
According to NEITI, the Federal Government earned N624.45bn from the industry in 13 years.
The agency in a statement released on Sunday disclosed the companies’ liabilities resulting from failure on the part of the 2,119 firms to pay statutory annual service fees for various mineral titles.
NEITI further stated that 6,010 existing solid mineral titles were valid as of December 31, 2020, while 7,605 mining titles were issued in the industry in the past five years.
The report was presented by the agency’s Executive Secretary, Orji Ogbonnaya-Orji in Abuja on Sunday.
It was disclosed that the total revenue contributions from the sector in 2020 rose to N128.27bn, an increase of over 54 per cent from the N74.85bn recorded in 2019 despite the COVID-19 pandemic.
Ogbonnaya-Orji while speaking on the report said, “It is of interest to NEITI that every kobo counts to reduce government financial burden, and our reports will continue to provide useful information and data on who owes what in the oil, gas, and mining sector.
“This is another impact that our reports will pursue in line with our mandate.”
This article was originally published on Nigeria News