People & MoneyUncategorized

Why State Govts Cannot Control Mineral Deposits – Nigerian Govt

The Nigerian government on Thursday explained why state governments cannot control the mineral deposits in their various jurisdictions.
The Minister of Mines and Steel Development, Olamilekan Adegbite, said this at a sensitisation meeting with state commissioners for justice, minerals and environment from the North-Central geopolitical zone.
The minister was reacting to calls for the amendment of the exclusive list section on minerals in the country’s constitution to allow states have participatory roles in mining.

Also Read: PIB and Marginal Fields Allocation to Boost Nigerian Oil Reserves to 40 Billion Barrels

In his intervention, the minister said doing so would amount to selfishness and would be detrimental to the nation’s economic system.
Mr Adegbite explained that the oil revenue derived from a section of the country was being used for the overall development of Nigeria.
A statement issued in Abuja by the mines ministry’s Assistant Director, Press, Timothy Akpoili, stated that royalties and other revenues generated from solid minerals mining were paid into the consolidated fund.
The minister said the fund was shared in accordance with derivation principle during monthly revenue allocation sharing.
In recent time, concerns have grown over issues of resource control in states of the federation.

Also Read: Nigerian States Generate N612bn in First Half 2020

The Zamfara state government recently unveiled plan to establish a gold reserve through buying of gold from artisenal miner indigenes.
There has been similar call from different section of the country.
Mr Adegbite told the commissioners that as attention was now focusing on the development of the minerals sector for revenue generation, it must be used for the common good of all.

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