Hope Rises For Cross River As FG Approves Implementation Of 13% Derivation On Mineral Revenues

In Breaking News, Business & Economy, National News, Reports

By Jonathan Ugbal

Solid Minerals Mining (Photo Credit; Ebonyistate.gov.ng)

Reports reaching CrossRiverWatch indicates that Cross River State is set to benefit from the recent approval by the federal government for the implementation of the 13 percent derivation from mineral revenues.

The state is currently reported to have a minimum of 28 solid minerals available for commercial exploitation and is facing economic challenges following the loss of 76 oil wells to its sister Akwa Ibom state after the ceding of the Bakassi Peninsula to Cameroun.

Mines and Steel Development Minister, Kayode Fayemi announced this Tuesday in Sokoto during a two-day workshop on Special Purpose Vehicles in the development of the mining sector reports The Cable.

“We have gotten approval for the implementation of the constitutionally guaranteed 13 per cent derivation for mineral revenue to states,” Fayemi said, adding that; “This is similar to the derivation that oil-producing states are currently enjoying from the Federation Account.”

Cross River State had announced its acquisition of mining and mineral reconnaissance licenses in October and is planning to set up companies to commercially exploit the available mineral resources in the state.

Since You Are Here, Support Good Journalism


CrossRiverWatch was founded on the ideals of deploying tech tools to report in an ethical manner, news, views and analysis with a narrative that ensures transparency in governance, a good society and an accountable democracy.

Everyone appreciates good journalism but it costs a lot of money. Nonetheless, it cannot be sacrificed on the altar of news commercialisation.

Consider making a modest contribution to support CrossRiverWatch's journalism of credibility and integrity in order to ensure that all have continuous free access to our noble endeavor.

CLICK HERE

New Feature: Don't miss any of our news again.Get all our articles in your facebook chat box.Click the Facebook Messenger Icon below to subscribe now

Text Advert by CRWatch :Place Yours

Will You To Learn How To Make Millions Of Naira Making Special Creams From Your Kitchen?.Click Here


Expose Your Business And Make More Sales. Advertise On CrossRiverWatch.com Today

You may also read!

Police Silent 24 Hours After 8 Decomposing Bodies Are Found At Odukpani

By Jonathan Ugbal and Patrick Obia Contrary to reportage (not by this Newspaper) that 15 headless bodies were found

Read More...

VIDEO: Policeman Beaten, AK47 Rifle Stolen At Ekori Division Survives

By CrossRiverWatch Admin CrossRiverWatch has confirmed the identity of the Police Officer attacked at Ekori Division, Yakurr LGA. His

Read More...

How Insecurity Affects The Lives Of Everyone In The Niger Delta

By Tarila Marclint Ebiede, The Conversation Nigeria has an urgent insecurity problem. News from the country often emphasises insecurity related to

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu

Share this now