Abuja, Wednesday 20th May, Congress Hall of Transcorp Hilton Hotels hosted major players in the Solid Mineral Industry in Nigeria. In a joint Sensitisation programme on ” 2025 Tax Reform Act and Solid Minerals Royalty Administration”, organized by the Ministry of Solid Mineral Development (MSMD) and Nigeria Revenue Service (NRS) aimed at providing clearer insight into the new royalty administration framework, the distinct roles of the Nigeria Revenue Service and the Ministry of Solid Minerals Development, and the practical steps needed for stronger compliance and collaboration across the sector.
Speaking at the event, the Honourable Minister for Solid Mineral Development, Mr. Henry Dele Aleke highlighted the need for proper tax regime meant to improve the revenue earnings of the Federal Government and boast the economic development of the entire solid mineral sector. He called for absolute compliance by operators in the industry, while pointing out the hash penalties awaiting defaulters.
Representing the voice of the operators in the Solid Mineral Industry in Nigeria, the National President of the Association of Solid Minerals Miners and Makerters of Nigeria (ASMMMON) Dr. Vincent Mkpu appealed to Government for proper consultation and engagement with the practitioners in the fields before taking decision that would impact heavily on the industry.
He maintained that an average practitioner is already over burdened with high cost of production due to hyper inflation on the cost of equipment and services. He called for proper understanding, more alignment and transparency toward achieving the expected goals. He promised to mobilise members of ASMMON to participate fully in government programes to enable them posses right information needed for proper decision making.
Effective this year, the NRS took charge of royalty administration, as well as related license and permit fees. Major players in the Solid Mineral industry graced the ocassion.
