RMAFC unveils new data reporting templates to track solid mineral revenue

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has unveiled new data rendition templates designed to boost accurate tracking of solid mineral revenues, aiming to address longstanding discrepancies in reported figures.

At a one-day sensitisation workshop on Tuesday in Abuja, Mohammed Shehu, chairman of RMAFC, revealed the templates’ implementation for effective revenue monitoring.

Shehu, represented by Ibrahim Shettima, chairman of the solid mineral monitoring committee of the RMAFC, announced the implementation of a uniform data collection system designed to capture and manage relevant mineral production data.

He explained that the templates will also track the locations of the companies, along with their licences, fees, and permits paid.

“These data, we believe, if properly managed and utilised, will go a long way in ensuring that mining operations and revenue are more effectively tracked and accounted for,” Shehu said.

“We are also developing the necessary synergy required to boost mining operations and resultant revenues accruable.”

He added that the programme would also be replicated at the zonal levels in the six geopolitical zones of the country, engaging in critical discussions to harness the full potential of mining revenues nationwide.

“The implementation of the new data rendition templates could not have come at a better time, given the current economic difficulties the country is experiencing at the moment,” he said.

“The need to diversify the nation’s revenue sources cannot be overemphasised, primarily because of the perpetual over-dependence on hydrocarbon sources of revenue.”

Also, the chairman said the dependence on hydrocarbon revenue is vulnerable to global market fluctuations, which is why the President Bola Tinubu administration is prioritising other sectors like solid minerals, agriculture, tourism, manufacturing, and the blue economy.

Shehu said the mining sector contributes negligibly to the federation account due to poor monitoring, and the commission aims to ensure prompt remittance of mining revenues into the federation account.

He recalled that the RMAFC has conducted two nationwide solid mineral revenue monitoring exercises, in 2016 and 2022, to boost revenue from the sector.

Shehu also lauded the ministry of solid minerals development, the mining cadastre office (MCO), and other relevant stakeholders whose collaborative efforts made the workshop a reality.

The chairman added that the commission aims to address discrepancies in solid mineral revenue figures through a uniform data rendition template, providing an independent and reliable source for comparison and attribution purposes.