The Minister of Mines and Steel Development, Arc. Olamilekan Adegbite disclosed this in Abuja on Monday at the stakeholders’ consultative forum on the draft mineral export guidelines procedure and documentation requirements.
He said from January 2013 to June 2017 “unpaid royalties amounted to N17,120,784,902.00, which are still outstanding to the federation government” he said adding that during the same period, a total of 2,670 mineral exports were made from Nigeria, however, the federal government issued only 56 Mineral Export Permits for which some royalties were paid.
He said the fraud in the industry is ensuring there is no reasonable earnings in the house. “Local prices are high because most of the exports are carried out for money laundering purposes, where profit margins are not the necessary incentives”.