The presidency has approved the implementation of the constitutionally guaranteed 13 per cent derivation from mineral revenues to deserving states
Mines and Steel Development Minister, Dr. Kayode Fayemi, who announced at a workshop on special purpose vehicles in the development of mining sector in Sokoto, stated that it is similar to the derivation that oil-producing states are currently enjoying from the federation account.
Fayemi said that the federal government was working closely to build the capacity of state governments in the structuring of the vehicles to participate in mining in their jurisdictions.
He added that this was without undermining private sector players nor discouraging mining enterprise within their states.
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