Adebayo Obajemu
Nigeria earned N10.747 billion from the solid minerals industry in two months — January and February 2026 — rising by 35.05 per cent when compared with the N7.958 billion earned from the sector in the same two-month period in 2025, according to latest data from the Ministry of Mines and Steel Development (MSMD).
In its presentation to the Federation Account Allocation Committee (FAAC), MSMD also noted that receipts from the sector in January and February 2026 was 13.7 per cent higher than the N9.452 billion earned from the sector for November and December 2025.Demographics
Giving a breakdown of the amount received from operators in the solid minerals industry, the MSMD reported that in January 2026, the country earned N5.127 billion from the sector; while it rose by 9.62 per cent to N5.62 billion in February of the same year.
In comparison, in January and February 2025, the country received N4.176 billion and N3.782 billion, respectively, while it earned N5.277 billion and N4.175 billion in November and December 2025, respectively.Business & Industrial
The MSMD explained 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.
Providing a breakdown of its receipts for both months in 2026, the solid minerals sector regulator disclosed that of the N5.127 billion received in January, N1.472 billion was from royalties, while N3.655 billion was realised from fees collection.
In addition, in February 2026, it noted that of the N5.26 billion earned from the sector, N2.809 billion was from royalties, while N2.811 billion was from fees.
In comparison, in January 2025, earnings from royalty and fees stood at N2.708 billion and N1.468 billion, respectively, while in February 2025, receipts from royalty stood at N2.004 billion, while N1.779 billion was earned from fees.
Explaining its performance, the ministry stated that the hike in its receipts for the first two months of 2026, compared with the figures in the same period in 2025, was due to an increase in collection which can be attributed to an increase in mining activities.
It also explained that the N5.125 billion revenue from the solid minerals sector in January 2026 was 46.57 per cent higher than its monthly target of N3.498 billion, while the N5.62 billion recorded in February 2026 was 60.71 per cent higher than the same target.
It said: “The Ministry recorded a positive variance of N2.123 billion in February 2026, when the monthly collection is compared to the monthly target. However, there is also a positive variance of N493.52 million, when you compare February 2026’s collection against January’s collection.”