FG approves 13% derivation for solid minerals producing states

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The Minister of Mines and Steel Development, Dr. Kayode Fayemi, has assured states on 13 per cent derivation for mineral revenue following the approval by the Federal Executive Council, Daily Trust reports.

“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 stated this at a two-day capacity building workshop on Special Purpose Vehicles (SPVs) for beneficial participation of state governments in mining, jointly organised by the Federal Ministry of Mines and Steel Development and the Sokoto State Ministry of Solid Minerals and Natural Resources Development.

Fayemi said the ministry had begun some reforms in line with the recommendations of the ‘Roadmap for the Growth and Development of the Nigerian Mining Sector’ which he noted emphasised the need for collaboration between the federal government and the states as well as build stronger co-operative processes and structures.