FG Generates N16b From Mining Sector

The Federal Government says it has generated over sixteen billion naira between May 2023 to April 2024 through mining royalties and fees paid to the Mining Cadastral Office, MCO.

The Minister of Solid Minerals and Development, Dr. Dele Alake made this known at the sectoral update series to mark the First Anniversary of President Bola Tinubu’s Administration, in Abuja.

Dr. Alake stated that the achievement shows the sum of N6,746,317,807.09 as surplus surpassing the budgetary target of N10,566,635,560.24.

“A total of Sixteen Billion, Three Hundred and Ninety – Five Million, Six Hundred and Forty Thousand Seven Hundred and Seventy – One Naira Fifty-Eight kobo (N16,395,640,771.58) was generated from May, 2023 to April, 2024 against the total target of N10,566,635,560.24” the Minister added.

“This comprises collections from royalties and Fees. This shows an achievement of the sum of N6,746,317,807.09 as surplus surpassing the target”, he noted.

The Minister further explained 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 Forty – Three Kobo (N14,938,164,335.43) as at the end of 31st December, 2023 .

“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.” Dr. Alake emphasized.

Dr. Alake added that the Ministry, through the Solid Minerals Development Fund (SMDF), partnered with GeoScan Gmbh to advance the exploration and development of Nigerian critical mineral resources using innovative proprietary technology.

“It has also entered into an agreement with the African Finance Corporation to raise a project development facility to fund companies facing the challenge of raising capital to execute their early-stage exploration projects. No fewer than 20 candidates have been shortlisted and are undergoing training to prepare to manage their portfolio efficiently” Dr. Alake stated.

“Another initiative of SMDF is its partnership with the global exploration agency, XCalibur. Both are working together to advance Nigeria’s geological data capabilities.

By Georgina Humphrey,Edited By Grace Namiji