The Federal Executive Council (FEC) has approved a new bill to be sent to the National Assembly to replace the old law guiding mining activities in Nigeria.
The Minister of Mines and Steels Development, Olamilekan Adegbite, made this known Wednesday in Abuja while speaking to State House correspondents about the outcome of the council meeting chaired by President Muhammadu Buhari.
Mr Adegbite said the law in operation is the 2007 Nigeria Mineral and Mining Law that has become obsolete. He added that a lot of new things have come up in the mining sector.
“There’s a renewed focus and everyone is coming there as expressed today, it’s a new frontier for economic growth in Nigeria. So we need to update the law to (be) in line (with) modern realities and the laws with some amendments,” he said.
He noted that the bill was passed in the chambers with some amendments.
He said the Attorney General will be sending the bill, which is the Nigerian Minerals and Mining Act 2023, to the National Assembly.
“That’s the proposed Act, the Attorney General will send it to the National Assembly, which we intend to follow up. The members of the National Assembly are fully with us on this and are part of the process.
“They promised us a speedy process so that this bill can pass and Mr President can accede to it before we leave office in May,” he said.
Source : Premiumtimesng