Abuja: The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has unveiled innovative data rendition templates designed to enhance revenue monitoring in Nigeria’s solid mineral sector. Dr. Mohammed Shehu, Chairman of RMAFC, announced this development during a workshop aimed at sensitizing stakeholders on the new templates. The workshop took place in Abuja, where Shehu emphasized the need for effective revenue tracking and accounting in the mining industry.
According to News Agency of Nigeria, the initiative was spearheaded by Mr. Ibrahim Shettima, Commissioner and Chairman of the Solid Mineral Monitoring Committee at RMAFC. The new templates are crafted to capture crucial data, including the quantity of minerals produced, locations, licenses, fees, and permits associated with mining activities. These templates aim to provide a comprehensive framework for tracking and managing mining revenues.
Shehu highlighted that the implementation of these templates comes at a critical time when Nigeria is exploring ways to diversify its revenue streams beyond the hydrocarbon sector. The initiative seeks to boost mining operations and enhance the revenue accruing from this sector. Additionally, the programme will be replicated across the six geopolitical zones of the country, engaging stakeholders in discussions to harness the full potential of mining revenues nationwide.
The RMAFC Chairman underscored the importance of this initiative in addressing the economic challenges facing the nation. He noted that the current administration, led by President Bola Tinubu, is prioritizing the exploration of revenue potentials in sectors such as solid minerals, agriculture, tourism, manufacturing, and the blue economy. Despite active mining operations, the sector’s contribution to the Federation Account remains minimal due to inadequate monitoring.
The commission aims to ensure prompt remittance of mining revenues into the federation’s distributable pool account. RMAFC has previously conducted nationwide solid mineral revenue monitoring exercises in 2016 and 2022, which served as precursors to this new initiative. Shehu expressed gratitude to the Ministry of Solid Minerals Development, the Director-General of the Mining Cadastre Office, and other stakeholders for their collaborative efforts in making the workshop a success.
Mr. Shettima emphasized that the new templates will provide an independent data source free from discrepancies. This platform will facilitate accurate comparisons and attribution, addressing inconsistencies in revenue figures reported by state governments and the ministry. The initiative represents a significant step towards optimizing revenue from Nigeria’s rich solid mineral resources.