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FG to Give Tax Holiday For Miners

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Posted on April 7, 2017

The Federal Government (FG) on Thursday Promised to give tax holidays to miners of seven minerals in the country.


 

Dr Kayode Fayemi, the Minister of Mines and Steel Development, made the promise at a stakeholders meeting of the Association of Miners Processors of Barite (AMAPOB) and Tse Torkula Community in Guma Local Government area of Benue state.

Fayemi said out of the 40 solid minerals in the country, the Federal Government was concentrating on seven minerals for full exploration.

The minister said Nigeria has the best tax holidays worldwide, adding that all miners have three years tax holidays from the government.

He however stated that out of the 40 minerals in the country, the government has selected seven strategic ones for concentration.

Fayemi listed the minerals as: limestone, barytes, iron, bitumen lead and zinc.

He said miners who mine any of the seven minerals would also have duty-free on all mining equipment.

The minister, however, advised miners to adequately compensate host communities for peace and healthy working condition.

”We are seriously discouraging a situation where miners fail to compensate host communities either by cash or through inequities that are resulting to unhealthy situations. We need a healthy environment to work,” he maintained.

He said that the government needed to massively inject funds and create good market environment for full mining activities to take place in the country.


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