The revenue generation drive of the Bola Tinubu administration is geared towards reviving the economy of the nation.
This revenue drive led to critically looking inwards to identify sectors that can contribute meaningfully to the growth of the economy.
Apart from agriculture, telecom and information and technology, the mining sector is another sector that has revenue generation potential for economic growth.
The Minister Of Solid Minerals Development, Dele Alake, has announced plans to review rates of mining licenses and other fees paid by operators.
This is in a bid to boost the federal government’s internally generated revenue.
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Repositioning The Mining Sector
The FG sought the support of stakeholders in the sector in ensuring the acceptance of the new fees.
Alake made this development known during a consultative meeting with stakeholders in the mining industry in Abuja.
Also, the Minister said the review was imperative to boost the capacity of the government to effectively reposition the mining sector.
He outlined the various efforts of the federal government to rejig the industry.
Aside from ongoing reforms, the FG is sanitising the mining environment through the newly unveiled marshals.
Alake said the mining marshals, have been conducting operations in parts of the country to protect legitimate miners and combat illegalities.
As a result, he solicited the support of stakeholders for the impending increase in fees for mining licenses.
“This move is necessary for government to raise more revenue to fulfil its promise of providing an enabling environment for mining operations whilst.” Alake said.
The Review Is Crucial For Economic Growth
“We must review the rates of mining licenses, for us to secure the mining environment.
“This review will help to put in place measures that will ease the operational difficulties and problems that confront miners.”
“We felt that we can’t just do this without letting you know because invariably, you are the players in the industry.”
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The federal government had on April 24, 2024, revoked all dormant licences across four sectors in the mining industry.
Some of the areas affected include exploration, mining, small-scale mining, and quarrying.
