FG Increases Mining Rates by 50-100% to Boost Revenue

The Federal Government had raises the rates and dues paid by mining operators, according to an announcement made by the Minister of Solid Minerals Development, Dele Alake, at a press conference in Abuja on Thursday .

This increase, ranging from 50% to 100% and affecting 286 rate regimes, aims to enhance government revenue and improve the ease of doing business in the sector.

Alake explained that the review was necessary due to the insufficient funds repatriated to the government by operators, emphasizing that those profiting from the mining sector should contribute to the government’s efforts to recoup investments . He also warned that defaulters will face license revocation.

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The decision was made in consultation with relevant stakeholders, and all parties agreed to the new rates. The minister referenced the Mining and Minerals Act of 2007 as the basis for his actions, aiming to reposition the sector for international competitiveness .

This move follows previous efforts to boost the mining sector, which has shown resilience and growth despite challenges .

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