SAN FRANCISCO, October 25, (THEWILL) – State governors as members of the National Economic Council, NEC, have endorsed the Federal Government’s effort to diversify and deepen the nation’s revenue profile through an increase the contribution of the solid minerals sector to the nation’s treasury.
The Governors also approved the appointment of professional revenue consultants for the Ministry, following a presentation by the Minister of Mines and Steel Development, Dr. Kayode Fayemi, with the condition that the Ministry should negotiate a threshold with the Consultants on their professional consultation fees.
Fayemi, in his presentation, harped on the need to engage Independent Professional Revenue Consultants to increase the contribution of the Solid Minerals Sector to the revenue of the Government of the Federation.
He called for support for the government’s diversification drive for the country’s economy and revenue base with the need to forge a strong partnership between the States and the FG on the role of the mining sector in the diversification agenda.
He revealed that NEITI estimated a total revenue from the mining sector at N31.449 billion and N50.2 billion in 2012 and 2013 respectively out of which only N1.9 billion and N2.01 billion respectively were remitted as Royalties to the FG adding that there were no records of royalty payment of as much as estimated billions of Naira worth from Gold, Precious Stone, Barites and other exported solid minerals.
NEC also supported a presentation from the Minister of Power, Works and Housing, Babatunde Fashola, on the Ministry’s strategy to generate incremental power as a short term measure towards addressing current energy shortage in the country.
Fashola revealed that President Muhammadu Buhari had approved the rural electrification implementation strategy and plan prepared by the Ministry required for effective take-off of the rural electrification agency.
He stated that the plan focuses on commercially sustainable rural electrification projects using a variety of energy sources (solar, wind, biomass, coal, LNG and natural gas liquid).
He added that the Ministry is encouraging, facilitating, enabling and directly investing in new power station on the grid and removal of important transmission constraints to deliver incremental power stating that locating generation capacity close to the consumers is an effective way to deliver incremental power to rural communities.
Meanwhile, Minister of Finance, Kemi Adeosun, reported that the balance of the Excess Crude Account (ECA) for the month of October 2016 stood at $2.4 billion adding that disbursement of the Budget Support facility is still ongoing to 35 States.
The Council also noted that Tuesday’s meeting is Adams Oshiomhole, Edo State Governor’s last attendance and therefore commended him for his service as a member in the last 8 years.
Story by Oputah David
