The fees and rates paid by mining industry operators have increased, as a result of actions taken by the Federal Government via the Ministry of Solid Minerals Development.
The price increase was disclosed by Solid Minerals Development Minister Dele Alake during a press conference held on Thursday in Abuja at the ministry's headquarters.
He added that compliance is required right away and that the government has raised 286 rate regimes in total, ranging from 50% to 100%. In addition, he issued a warning that licenses of defaulters would be canceled.
The minister stated that the lack of money that operators were returning to the government's coffers made the review necessary. According to him, the additional funding will help the ministry improve how simple it is to conduct business in the industry.
"Therefore, it is fair that those who invest in the mining industry and profit from it through these services should be at the forefront of the government's efforts to recoup rather than passing it on to impoverished Nigerians," he stated.
Thus, using the authority granted to me by the Mining and Minerals Act of 2007, I assembled a committee composed of directors general of ministries and directors of departments under the ministry, and I gave them the task of determining new rates to cover the costs of the government's investment in service infrastructures as well as the anticipated sharp increase in the number of applications that would besiege the regulatory apparatus.
"Today, we are announcing a new regime of rates and charges for various services, departments, and agencies—a significant step in our efforts to implement the seven-point agenda to reposition the sector and enhance international competitiveness.
"This is given the recent technological capacity upgrades and qualitative measures implemented to raise the level of technical efficiency, improve transaction traffic, and handle business interest."