FG Plans to Review Mining Fees to Enhance Sector Growth

FG Plans to Review Mining Fees to Enhance Sector Growth

May 3, 2024 0 By Fasholu Gabriel Oluwatobi

In a bid to bolster the mining sector and boost revenue generation, the Federal Government, through the Ministry of Solid Minerals Development, has unveiled plans to reassess the rates of mining licenses and associated fees payable by mining operators across the country.

During a consultative meeting held on Thursday in Abuja, Minister pof Solid Minerals Development, Dele Alake, underscored the necessity of this review to facilitate a conducive environment for mining operations while ensuring increased government revenue

Minister Alake emphasized the importance of aligning fees with industry standards to effectively support mining activities and fulfill government obligations. He urged stakeholders to support the impending adjustments, stating that they are vital for the sector’s growth and sustainability.

Highlighting ongoing efforts to reposition the mining industry, Minister Alake revealed the implementation of measures to sanitize the mining environment, including the deployment of newly unveiled mining marshals. These marshals have been tasked with conducting operations to protect legitimate miners and combat illegal mining activities.

In a statement issued by his special assistant on media, Segun Tomori, Minister Alake reiterated the government’s commitment to ensuring a secure and enabling environment for mining operations. He emphasized the need for collaboration with industry players to achieve sustainable growth and development in the mining sector.

The proposed review of mining fees signifies a proactive step by the Federal Government towards enhancing the competitiveness and viability of the mining industry, with a focus on promoting responsible mining practices and maximizing revenue generation opportunities.

About The Author