Accounting and reporting practices in the oil and gas industry, prepared by the Accounting Principles Board Committee on Extractive Industries

https://egrove.olemiss.edu/aicpa_guides/2858/thumbnail.jp

REINSTATE MINERAL REVENUE SHARING MECHANISM

This statement shows the actions taken by the Strengthened Accountability Programme (SAP) II implementing partners to urge the government to reinstate the Mineral Revenue Sharing Mechanisms in form a Local Authority Development Fund. It is believed that this will allow for local authorities to empower local communities with alternative livelihoods while mitigating some of the impacts of resource extraction.The Strengthened Accountability Programme (SAP) II implementing partners would like to urge the government to reinstate the Mineral Revenue Sharing Mechanisms in form a Local Authority Development Fund. This is for the benefit of the local authorities and ultimately the communities hosting the mining firms.This is in response to its absence in the 2020 budget. The SAPII partners believe that it is relevant in safeguarding the livelihoods and mitigating impacts of environmental degradation in Mine Host Communities