By Etuka Sunday
The Minister of Solid Minerals Development, Dr Kayode Fayemi has pledged to integrate the findings and recommendations of Nigeria Extractive Industries Transparency Initiative (NEITI) into the policy reform agenda being developed for the Solid Minerals sector.
Fayemi who made the pledge while receiving the NEITI management, described NEITI’s visit as timely and commended the quality of NEITI Reports in the extractive Industries.
He disclosed that some of NEITI’s recommendations are already part of the action plan of the Ministry.
The Minister welcomed NEITI’s pledge to work with his Ministry and gave the assurance that NEITI finding and recommendations will be integrated in the reforms of the sector to be unveiled soon.
During the visit, the Acting Executive Secretary, Dr Orji Ogbonnaya Orji called on the Solid Mineral Ministry to commence a comprehensive programme for the mining industry in the phase of the collapse of oil prices.
A statement by the Acting Director, Communications, NEITI, Mrs Obiageli Onuorah, quoted Dr Orji to have explained that from the scoping study conducted and series of independent Oil Reports by NEITI, the Solid Minerals sector requires a robust fiscal regime built on comprehensive reform to expand the revenue generation base for the nation.
The Acting Executive Secretary explained that from NEITI Reports “the sector reforms should include periodic review of royalty rates to conform with market prices encouraging companies to declare accurately what they earn for accurate tax computation, as well as a progressive policy approach that guarantees legitimacy to artisanal miners that dominate the sector.
He identified artisanal miners whose activities attract zero revenues to government at the moment. As major sources of revenue loss in the sector.”
Dr Orji gave the assurance that NEITI is prepared to work with the Ministry of Solid Minerals Development especially in the sharing of information and data to support the reforms.
He lamented that a situation where the Solid Minerals sector with all its potentials generated only N113 billion to the government coffers between 2007 and 2012 was not good enough.
From the NEITI Reports presented to the Minister at the meeting, “Solid Minerals contributed only N8 billion in 2007, N9.5 billion in 2008 and N19 billion in 2009. A further breakdown also shows that the sector contributed N17.4 billion to the government receipt in 2010, N26.9 billion in 2011 and N31.5 billion in 2012 amounting to about N113 billion”.
The Acting Executive Secretary also expressed concern that the Solid Minerals contribution to the GDP was only 0.6% in 2012 as against 14% by the oil and gas industry. He underlined the urgent need to shift attention from the country’s dependence on oil to the solid minerals.
Dr Orji used the forum to formerly present copies of the NEITI Reports to the Minister.
Dr Kayode Fayemi received the NEITI Management with the Minister of State, Honorable Bawa Buhari, the Permanent Secretary, Mr Musa Fuktur Istafanus and other top Management of the Ministry.
No comments:
Post a Comment