Business
Mining Sector Generates N14.9bn In Two Years – RMAFC
Acting Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr Shettima Abba-Gana says the mining sector is generating less than capacity due to activities of illegal mining.
In an interview with newsmen last week in Abuja, Abba-Gana said the sector generated only N14.9 billion between 2015 and 2016.
He said that the revenue accrual from the sector was not encouraging and “too low’’.
“RMAFC believes that the revenue from the solid minerals sector is still below 20 per cent.
“This is mainly due to the activities of illegal miners who constitute more than 70 per cent of mining activities and do not pay tax.
“While the price rates of the minerals in the international market keep rising, the rates of the minerals in Nigeria remained constant at lower rates.
“Therefore, if all leakages are blocked, the sector can generate up to N500 billion,’’ he said.
Abba-Gana also said the sector generated N16.2 billion from 2008 until date, adding that the total shared was N9.9 billion with a balance of N6.29 billion left.
He noted that the observed variance/amount in the escrow account was N1.34 billion.
According to him, N1.34 billion is still in the solid mineral Federation Accounts Allocation Committee (FAAC) sub-account in the Central Bank of Nigeria (CBN) awaiting submission of data from Ministry of Mines and Steel Development (MMSD) for attribution.
The RMAFC monitors accruals into the federation account and the disbursement of revenue from it.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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