The Federal Government of Nigeria earned N16,395,640,771.58 from May, 2023 to April 2024 from mining royalties and sundry fees.
The minister of solid minerals development, Dele Alake, who disclosed this on Thursday at the Sectoral Updates Series to mark the first anniversary of President Bola Tinubu administration in Abuja, said the earning came through Mining Cadastral Office (MCO), an agency under the ministry that is in charge of mineral title administration.
Alake, however, stated that the figure was in surplus of N6,746,317,807.09 (N6.7bn) over and above the target of N10,566,635,560.24 (N10.5bn) set for the agency.
The minister further revealed that the Ministry generated and collected the sum of fourteen billion, nine hundred and thirty-eight million, one hundred and sixty-four thousand, three hundred and thirty-five naira and forty-three Kobo (N14,938,164,335.43) as of the year ended December 31, 2023 and this represents 72.1% positive variance and 172.1% performance when compared with the annual budgetary target of N8,680,197,621.00 for year 2023. He also reported that the ministry, through the Solid Minerals Development Fund (SMDF), collaborated with GeoScan Gmbh for the exploration and development of Nigerian critical mineral resources using innovative technology.
