The Nigerian Government through the Ministry of Solid Minerals Development, has announced plans to revise the fees associated with mining licences and other charges applicable to mining operators in Nigeria.
The Minister of Solid Minerals Development, Dele Alake, disclosed this during a meeting with stakeholders from the mining industry in Abuja.
According to Alake, the purpose of this review is to create a conducive environment for mining operations while also generating more revenue for the government.
He said the adjustment in fees is vital for the effective restructuring of the mining sector, and urged stakeholders to support the initiative.
“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 can’t just do this without letting you know because invariably, you are the players in the industry,” he said.
The Minister clarified that the recent revocation of dormant mining licenses was in line with established procedures and legal frameworks, adding that there will be a 30-day window for affected operators to pay a restitution fee, which will vary based on the type of license revoked.
News Central reports that the minister previously announced restitution fees of N10 million, £7.5 million, £5 million, and £2.5 million for mining licenses, small-scale mining licences, exploration licences, and quarrying licences, respectively, for revoked dormant licences, including those previously revoked due to default in payment of annual service fees.
Engr. Obadiah Nkom, the Director-General of the Mining Cadastral Office and chairman of the fees review committee, mentioned that the committee had proposed new rates aligned with regional and international standards to enhance the fiscal standing of the mining sector.
During the meeting, Dele Ayanleke, President of the Miners Association of Nigeria, commended the Minister for prioritising the mining sector.
While expressing support for ongoing reforms, Ayanleke urged the Minister to consider the financial challenges faced by miners and ensure that the revised rates remain affordable.