MME contributed N.dollars 1.4 billion to State in 2018
30 Apr 2019 13:00pm
WINDHOEK, 30 APR (NAMPA) - The Ministry of Mines and Energy (MME) generated a revenue of N.dollars 1.4 billion for the 2018/19 financial year.
MME Deputy Minister, Kornelia Shilunga revealed this when she motivated the ministry's N.dollars 286 165 000 share of the N.dollars 60.1 billion National Budget for 2019/20 in the National Assembly here on Monday.
Of the revenue generated, a total of N.dollars 20 million was collected from petroleum exploration and production rental fees; and N.dollars 3.3 million from mineral rights fees, while royalties contributed N.dollars 1.4 billion to the State Revenue Fund.
She said the ministry managed to meet most of its obligations with limited resources by embarking upon activities that are key to boosting economic growth and contributing to national development, despite a financial distress experienced last year.
The Ministry of Mines and Energy has identified some programmes to which its portion of the N.dollars 60.1 billion National Budget will be allocated:
Promotion and local and investment in exploration N.dollars 33 892 000
Creation of knowledge of Namibia's geological resources N.dollars 73 594 00
Protection of Namibia's Diamond Industry N.dollars 12 632 000
Energy supply and security N.dollars 81 298 000
Petroleum supply and security N.dollars 13 631 000
Policy co-ordination and support services N.dollars 71 118 000