The Federal Government has introduced a new solid minerals data rendition template aimed at enhancing transparency, accountability, and effective monitoring of revenues from the mining sector.

The template, jointly developed by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) and the Federal Ministry of Solid Minerals Development, is designed to ensure that all revenues due to the Federation Account are properly captured and remitted.

Chairman of RMAFC, Dr. Muhammed Bello Shehu, disclosed this on Wednesday during a one-day sensitisation workshop on the implementation of the new template in Abuja.

Represented by the Chairman of RMAFC’s Solid Minerals Monitoring Committee, Hon. Ibrahim Shettima, Shehu said the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which seeks to diversify Nigeria’s revenue base beyond oil to include solid minerals, manufacturing, tourism, and the blue economy.

He said: “The need to diversify our national revenue sources cannot be overemphasised, especially considering the nation’s overdependence on oil revenues, which are vulnerable to price fluctuations, theft, and vandalism.”

Shehu explained that RMAFC had previously conducted nationwide solid minerals revenue monitoring exercises in 2016 and 2022, which led to significant improvements in revenue generation.

However, he lamented that despite the sector’s growing activity, remittances to the Federation Account remain minimal due to weak monitoring and underreporting by operators.

According to him, the new data rendition template will capture details such as the quantity of minerals produced, identities and locations of mining companies, and records of licenses, fees, and permits.

He added that the initiative would strengthen data integrity and improve policy planning.

“The proper utilisation of this template will promote transparency and accountability by ensuring that mining operations and revenues are effectively tracked and managed,” Shehu stated.

Also speaking, Hon. Ibrahim Shettima said the workshop was organised to bridge identified data gaps and promote timely and accurate revenue reporting by government agencies and mining operators on a state-by-state basis.

He explained that the exercise would establish an independent and credible data platform for comparison, analysis, and informed policy decision-making.

Other stakeholders at the event, including the Director of Mining Inspectorate, Federal Ministry of Solid Minerals, Engr. Imam Ganiu; Director-General of the Mining Cadastre Office, Engr. Obadiah Nkom; and the President of the Miners Association of Nigeria, Mr. Segun Ayanleke, commended the initiative.

They noted that Nigeria has the potential to become a major player in the global mining industry if the sector is efficiently managed and effectively monitored.