The Federal Government, through the Minister of Solid Minerals Development, Dr Dele Alake, has announced an increase in rates and charges in the mining sector to improve revenue collection and transparency. This move aims to address non-remittance issues by mining operators and encourage more investment in the sector.
The new rates cover various services such as licensing, exploration, and annual fees, with different charges for different categories of applicants. The goal is to discourage speculation and improve the ease of doing business in the mining industry.
Furthermore, the introduction of qualitative measures, such as the Electronic Mining Cadastre System and integrated base data accessible to the public, will enhance transparency and attract more stakeholders to the sector.
Overall, the new regulations seek to boost the nation’s revenue base by maximizing royalties from critical minerals like lithium and gold. This rate review also affects services provided by the Mining Cadastral Office and the Nigerian Geological Survey Agency.
With immediate effect, the mining sector is set to undergo significant changes to drive economic consolidation and development in Nigeria.