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.

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