Indications that Federal Government’s reforms to attract new investments to the nation’s solid minerals sector are yielding the desired results have emerged as the solid minerals revenue accruals rose to N101.11bn in the first nine months of this year, representing 95.2 per cent increase over the N51.79bn revenue collected in the corresponding period of 2025.
The latest data from the Central Bank of Nigeria’s (CBN’s) solid minerals revenue collection report for the nine-month period indicated that the surge in the sector’s revenue was primarily spurred by mineral royalty payments, and not mining operations.
The apex bank’s report reflected that mineral royalties accounted for N66.12bn, representing 65.4 per cent of the total N101.11bn revenue collected in the sector during the nine-month period.
According to the report, fees collected by the Federal Ministry of Solid Minerals Development accounted for N33.54bn, or 33.2 per cent of the revenue accruals, while miscellaneous revenue totalled N1.45bn.
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An analysis of the data based on monthly revenue collections showed that N16.31bn was generated in June, representing a 243.7 per cent surge over the N4.75bn collected in June 2025. The month’s revenue comprised N12.62bn in mineral royalties, N3.66bn in ministry fees and N32.12m in miscellaneous revenue.
Similarly, the CBN reported that royalty payments accounted for about 77.4 per cent of the month’s collections, showing that the bulk of the revenue was from payments associated with minerals extracted and sold by operators.
The data showed that the highest monthly revenue collection was recorded in July this year with receipts totalling N29.13bn. Of this amount, N25.78bn was raked in from mineral royalties, fees contributed N2.41bn, while Miscellaneous revenue accounted for N938.29m.
However, the sector’s revenue collections dropped to N8.47bn in August and marginally increased to N8.78bn in September. The August revenue was low, with ministry fees dropping to N70.84m, royalties contributed N8.04bn, while miscellaneous receipts stood at N362.19m.
In September, the ministry generated N1.77bn from fees, while mineral royalties contributed N6.90bn. The Miscellaneous revenue for the month totalled N116.98m.
