The Nigerian Extractive Industries Transparency Initiative (NEITI) has disclosed that the country earned N1.137 trillion as revenue from solid minerals from 2007 to 2023.
NEITI disclosed this on Wednesday in Abuja while presenting the 2023 Solid Minerals Audit Report, according to NAN.
According to the report, the top mineral-producing states include Ogun, Kogi, and Rivers states, while Solid Minerals Revenue contributions were led by Osun, Ogun, and Kogi states.
The report showed a substantial increase in government receipts from N7.59 billion in 2007 to N341.27 billion in 2022, a significant rise, indicating solid sector growth.
The 2023 report underscored the sector’s evolution into a vital revenue contributor for Nigeria, with cumulative contributions now exceeding N1 trillion.
It disclosed that in 2022, the sector generated N345.41 billion with a reconciled final revenue of N329.92 billion.
“Company payments analysis indicated that total government revenue, including reconciled and unilaterally disclosed figures, reached N401.87 billion in 2023.
“Key revenue streams included VAT (N128.32 billion), FIRS taxes (N370.09 billion), education tax (38.64 percent), company income tax (10.64 percent), and royalties (N9.06 billion).
“Discrepancies initially amounted to N301.6 billion but were reconciled down to N100 million, demonstrating NEITI’s transparency commitment,” the report said.
The production and export data showed 95.07 million metric tons of minerals produced in 2023, with a significant export volume of 4.32 million metric tons, valued at N117.29 billion.
