The Federal Government has given approval for the implementation of the constitutionally guaranteed 13 per cent derivation from mineral revenues to deserving states.
The Minister of Mines and Steel Development, Dr Kayode Fayemi, announced this in Sokoto at a 2-day workshop on Special Purpose Vehicles (SPVs) in the development of mining sector.
Mr Fayemi said the workshop would encourage beneficial participation of state governments in natural resources governance.
The Minister said 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 the development won’t undermining private sector players nor discouraging mining enterprise within their states.