FG rakes in N6.96bn revenue in mining fees

The Federal Ministry of Solid Minerals Development, said it has generated N6.96 billion in mining fees, reflecting to desirable result of the Federal Government’s commitment to develop the sector.

In a statement on Monday, the Ministry also noted that it registered 118 new private mineral buying centres in the first quarter of 2025.

The Minister of Solid Minerals Development, Dr Dele Alake, disclosed this figure while speaking at the second Annual Mining Conference organised by Businessday newspaper in Abuja.

A statement by his special assistant on Media, Segun Tomori, on Monday, said the mining fees collected by the licensing parastatal, Mining Cadastral Office, came from 955 applications for title grants.

The statement read, “The Federal Government collected N6,957,826,200 mining fees and registered 118 new private mineral buying centres in the first quarter of this year. The revenues are from paying various fees, including annual service fees, application processing fees, and renewal of titles.”

It noted that 651 title applications were approved for exploration, 270 for small-scale mining, 49 for quarrying, and 24 for reconnaissance permits.

The Minister also approved 867 applications, including 512 exploration licenses, 295 small-scale mining leases, 60 quarry leases, and five mining leases.

He added that the cadastral has also stepped up conflict resolution to reduce petitions arising from overlap and litigation over ownership.

Alake disclosed that the ministry has recorded a lot of progress in plans to set up the Nigerian Solid Minerals Corporation to make its structure a veritable special-purpose vehicle that will catapult Nigeria into the league of global mining players.

Speaking on the theme, “Building A Resilient Mining Sector,” Alake said the corporation will be globally competitive and rooted in Nigerian expertise and capital.

“We are finalising its structure in partnership with the Ministry of Finance Incorporated. Nigerians will have the opportunity to invest through a public offer, with 25 per cent equity reserved for citizens, 25 per cent for the government, and 50 per cent for the private sector”, the minister stated.

He scored the ministry high on revenue generation, citing how it surpassed the 2024 projected revenue of N11bn by N27bn to N38bn.