Thursday, December 22, 2016

GOODNEWS: Buhari Approves 13% Derivation For Solid Minerals Producing States

President Muhammadu Buhari-led federal executive council has approved 13 per cent derivation for mineral revenue to deserving states.

The Minister of Mines and Steel Development, Dr. Kayode Fayemi, announced this Tuesday at a two-day workshop on special purpose vehicles (SPVs) in the development of the mining sector in Sokoto.

The approval will lead to fresh revenues for Kogi and Edo States, which produce limestone in large quantities, and other Nigerian states producing non-oil minerals.

“We have got approval for the implementation of the constitutionally guaranteed 13 percent derivation for mineral revenue to states, similar to the derivation that oil-producing states currently enjoy from the federation accounts,” he said.

He said the workshop would encourage beneficial participation of state governments in natural resources governance.

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