Federal Government Plans to Revise Mining License Fees
The Federal Government, through the Ministry of Solid Minerals Development, has announced its intention to revise the rates of mining licenses and other fees paid by mining operators across the nation.
This decision aims to enhance the government’s capacity to revitalize the mining sector effectively.
During a consultative meeting with stakeholders in Abuja on Thursday, Minister Dele Alake emphasized the necessity of this review to facilitate the provision of a conducive environment for mining activities while increasing revenue generation.
The Minister sought stakeholders’ support for the proposed fee adjustments, highlighting ongoing reforms and the implementation of new mining regulations to safeguard legitimate miners and curb illegal mining activities.
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Alake said, “For us to continue to ensure that we secure the mining environment and keep putting in place measures that will ease the operational difficulties and challenges that confront miners, we need to review the rates of mining licenses and other sundry fees.
“We felt that we couldn’t just do this without letting you know because, invariably, you are the players in the industry.”
The Minister also noted that the government followed due process in the recent revocation of dormant mining licenses.
He pointed out that a 30-day restitution window still existed for operators that were affected.
The minister announced a restitution fee of N10m, 7.5m, 5m and 2.5m for mining licenses, small-scale mining licences, exploration licence and quarrying licence respectively for revoked dormant licences including those earlier revoked for default in payment of annual service fees.
Speaking on behalf of the stakeholders, the President of the Miners Association of Nigeria, Dele Ayanleke, commended the minister for his efforts in the mining sector, expressing support for ongoing reforms and plans to review fees payable by operators.
He urged the minister to consider the challenges faced by miners and ensure the rates were affordable.
