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FG rakes in N1bn from issuing mining licence

Fresh efforts of Federal Government in driving the economy to productivity and changing the game from oil economy to diversification may have started yielding as the Minister of State, Mines and Steel Development, Alhaji Abubakar Bwari, has said the ministry has realised more than N1 billion through the issuance of mining licences this year.

Bwari made the announcement at a media briefing during the Launch of the Nigerian Mining Summit and Conmin West Africa on Friday in Abuja.

The fund was realised through various type of licences issued by the Nigeria Mining Cadestre Office.

He also said that the ministry revoked non performing mineral titles in line with the provisions of the Nigerian minerals and mining act, 2007 and its regulations of 2011.

According to him, “The ministry is strengthening the institutional capacities to improve revenue generation through the identification and blockage of sources of revenue leakages.

Bwari noted that “Review of royalty rates to reflect current commodity prices; and review of mineral licencing fees to discourage mineral title speculation,” stressing that both small and big time miners are trooping into the cadastre office to apply for mining titles for exploration among others.