The federal government has introduced new rates for mining licenses to align with President Tinubu’s ease of doing business policy and boost revenue.
EKO HOT BLOG reports that the federal government has announced new rates for investors interested in mining mineral resources across the country. Minister of Solid Minerals, Dele Alake, disclosed this on Thursday, stating that the new rates align with President Bola Tinubu’s policy on ease of doing business.
Under the new rates, investors applying for a Mining Lease license will pay ₦3 million, while Small Scale Mining Lease (SSML) applicants will pay ₦300,000 for the first two cadastral units.
An Exploration Licence (EL) will cost ₦600,000 for the first 100 cadastral units, a Quarry Lease will be ₦300,000, and a reconnaissance permit will also be ₦300,000.
Mr. Alake explained that the new regulations, developed in consultation with industry stakeholders, aim to discourage speculation and address the funding issues limiting the government’s ability to improve the ease of doing business in the sector.
He added that the new regulations would impact various services, including mineral title applications of the Mining Cadastral Office (MCO), as well as the transfer, enlargement, surrender, and consolidation of mineral titles. Mr. Alake emphasized that the new rates would help the federal government maximize royalties from critical minerals such as lithium and boost the country’s revenue base.
The Minister of Solid Mineral added that new mining rates also impacted services provided by the Mining Cadastral Office (MCO) and Nigeria Geological Survey Agency (NGSA). He added that the new rate would significantly contribute to the economic development of the country.
“I believe these new regulations will help maximize royalties from critical minerals such as lithium and gold, boosting the nation’s revenue base and significantly contributing to economic development.
“These rate revisions also impact services provided by the Mining Cadastral Office (MCO) and the Nigeria Geological Survey Agency (NGSA),” Mr Alake said.
