FG, stakeholders collaborate to review mining licence rates
FG, stakeholders collaborate to review mining licence rates
Abdullateef Fowewe
The Federal Government has partnered with mining stakeholders to review mining licence rates to align with market realities.
This was disclosed in a statement posted on the X (formally Twitter) of the Ministry of Solid Minerals Development on Friday.
The Minister of Solid Minerals Development, Dr. Dele Alake, had on July 5, 2024, disclosed an upward review of rates and charges for all activities in the mining sector, noting that the move was aimed at positioning the sector for economic consolidation and was due to the introduction of qualitative measures being implemented.
Reacting to the announcement, stakeholders in the mining sector decried the lack of proper consultation before new mining rates were announced by the Federal Government.
However, the recent release affirmed that stakeholders are invited to present royalty adjustments for undervalued minerals.
Alake emphasised that the reforms will deter speculators and boost the sector infrastructure.
The statement emphasises, “The FG in partnership with mining stakeholders, has endorsed a review of mining license rates to align with market realities. Stakeholders are also invited to propose royalty adjustments for undervalued minerals.
“HM Alake Dele highlighted the need for these reforms to deter speculators & boost sector infrastructure. Efforts to address state government interference & support indigenous miners through the SMDF & continuous Quarterly interactive sessions with stakeholders will continue.”
