Michael Eboh
Dublin, Ireland — Nigeria earned N38.233 billion from the solid minerals sectors in seven months, between January and July 2025, according to data released by the Ministry of Solid Minerals Development (MSMD).
In its August 2025 report to the Federation Account Allocation Committee (FAAC), the MSMD disclosed that the amount earned from solid minerals in the seven-month period was 227.62 per cent higher than the N11.67 billion earned from the sector in the same seven-month period in 2024.
The MSMD noted that revenue was from royalties and fees collection, noting that the increase in its revenue was as a result of strategic licensing practices, increased revenue tracking and curbing of illegal mining, among others.
It added that its revenue is grouped into royalty from minerals, used and sold; and fees, mainly from annual service fee; registration and issuance of mining licenses.
Giving a breakdown of its revenue for the seven-month period, the ministry in charge of solid minerals stated that in January, February, March and April 2025, the country earned N4.176 billion, N3.782 billion, N2.146 billion and N7.884 billion, respectively.
In addition, the country earned N9.656 billion, N4.747 billion and N5.841 billion in May, June and July 2025, respectively.
Giving a breakdown of its July 2025 revenue, the MSMD disclosed that out of the N5.841 billion earned in July, N2.806 billion was from royalties; while the sum of N3.036 billion was realised from fees collection in the month under review.
The solid minerals regulator added that it “recorded a positive variance of N1.094 billion when the monthly collection is compared with last month collection. The positive variance is attributable to strategic licensing practices, increased revenue tracking, continuous inspection and auditing of records, and curbing of illegal mining amongst others.”
Furthermore, in its report to FAAC, the Federal Inland Revenue Service (FIRS) disclosed that it collected N659.214 billion in taxes, (Petroleum Profit Tax) from the oil and gas sector in July 2025, rising by 60.02 per cent compared with taxes of N411.951 billion collected from the industry in June 2025.
The FIRS attributed the increase, which is 9.84 per cent higher than its monthly target of N600.166 billion, to increase receipts from Production Sharing Contracts (PSC).
The FIRS further stated that receipts from Companies Income Tax (CIT) and other taxes in July 2025 stood at N1.749 trillion, 19.71 per cent lower than the N2.178 trillion collected in the previous month, and 159.35 per cent higher than the N674.417 billion monthly target.
