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Solid minerals sector to receive more funds – RMAFC

By BusinessNews Staff on June 18, 2014

The Revenue Mobilisation Allocation and Fiscal Commission has pledged more funding for the development of the solid minerals sub sector of the Nigerian economy.

The Chairman of the commission, Mr. Elias Mbam, made the pledge in Abuja on Monday when he received a high-powered delegation from the Ministry of Mines and Steel Development led by the Minister, Mr. Musa Sada.

Mbam said for the sector to perform optimally and serve as an alternative source of revenue for the nation, it required more funding windows in the form of a long-term finance to reduce the over reliance on annual budgetary provisions.

He explained that under the current revenue allocation formula, the solid minerals sector was a beneficiary of the 1.6 per cent of all distributable revenue from the Federation Account as provided for in the Natural Resources Development Fund.

Mbam also assured the delegation that the commission was committed to attracting more funding for the sector in view of its overriding importance as a revenue earner through the enthronement of a viable fiscal policy regime that would place it at par with other revenue – generating agencies such as the Nigeria Customs Service and the Federal Inland Revenue Service.

While responding, Sada decried the poor revenue- generating capacity of the solid minerals sector, from where the government was currently not collecting up to 20 per cent due to the series of weaknesses inherent in the sector.

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