Flowerbudnews
The federal government through the Ministry of Steel Development has announced that the sector has generated a 59.6 per cent increase in revenue, surpassing the figures recorded in previous years.
The minister, Mr Dele Alake gave the revelation while presenting a review of the solid minerals sector at the ongoing Sectoral Updates Series to mark the First Anniversary of President Bola Ahmed Tinubu’s Administration in Abuja today, May 23, 2024.
According to Alake a total of N16.4 billion was generated from May 2023 to April 2024 against the total target of N10.6 billion. This comprises collections from royalties and fees. This shows an achievement of the sum of N6.7 billion as surplus surpassing the target.
“The ministry generated and collected the sum of N14.94 billion as of the year ended December 31, 2023. This represents 72.1% positive variance and 172.1% performance when compared with the annual budgetary target of N8.7 billion for the year 2023.”
The quantum leap in applications and operations has led to more revenue, surpassing the figures recorded in the previous years by 59.6 percent, he said. (Flowerbudnews)
