Michael Eboh
Dublin, Ireland — Revenue from solid minerals appreciated by 152.43 per cent in one year, as the country earned N68.096 billion from the sector in 2025, compared with N26.976 billion recorded in 2024, according to latest data released by the Ministry of Solid Minerals Development (MSMD).
The MSMD, in its presentation to the Federation Account Allocation Committee (FAAC), however, reported that the country’s earnings from the solid minerals industry dropped by 20.88 per cent to N4.175 billion, compared with N5.277 billion recorded in November 2025.
In addition, the solid minerals sector regulator stated that the amount earned from the industry in December 2025, was 18.74 per cent lower than the N5.138 billion revenue recorded in the same month in 2024.
Providing a breakdown of its revenue for 2025, the MSMD noted that in January, February, March, April, May and June 2025, the country earned N4.176 billion, N3.782 billion, N2.146 billion, N7.884 billion, N9.656 billion and N4.747 billion, respectively.
In addition, it noted that the country earned N5.841 billion, N6.231 billion, N7.324 billion, N6.857 billion, N5.277 billion and N4.175 billion, in July, August, September, October, November 2025 and December 2025 respectively.
In contrast, in January, February, March, April, May and June 2024, revenue from the solid minerals sector stood at N945.436 million, N746.163 million, N1.723 billion, N1.043 billion, N1.755 billion, and N2.518 billion, respectively, while the country earned N1.697 billion, N2.108 billion, N3.493 billion, N3.402 billion, N2.407 billion and N5.135 billion, from the sector in July, August, September, October, November and December 2024, respectively.
The MSMD noted that its revenue was mainly from royalties and fees collection, adding that its revenue is grouped into royalty from minerals, used and sold; and fees mainly from annual service charges; registration and issuance of mining licenses.
Giving a breakdown of its December 2025 revenue, the solid minerals sector regulator disclosed that of the N4.178 billion receipts, N1.584 billion was from royalties, while N2.591 billion was realised from fees collection.
In comparison, in November 2025, of the N5.277 billion revenue from the solid minerals sector, N3.435 billion was from royalty, while N1.842 billion was from fees.
Explaining its performance in December 2025, the ministry stated that the decline in its revenue in the month under review compared to earnings in November 2025, was due to a decrease in collection, attributed to a decrease in mining activities due to insecurity and the end of the year holidays.
However, it explained that the N4.175 billion revenue from the solid minerals sector in December 2025 was 35.82 per cent higher than its monthly target of N3.074 billion.
It said: “The Ministry recorded a positive variance of N1.101 billion when the monthly collection is compared to the monthly target. However, there is also a negative variance of N1.102 billion, when you compare the current month collection against last month collection.”
