Nigeria generated N10.747 billion from the solid minerals sector in the first two months of 2026, representing a 35.05 per cent increase over the N7.958 billion realised during the corresponding period of 2025.
The figures were contained in the latest presentation by the Ministry of Mines and Steel Development to the Federation Account Allocation Committee (FAAC).
The ministry also reported that revenue earned in January and February 2026 exceeded the N9.452 billion generated in November and December 2025 by 13.7 per cent, reflecting continued growth in the sector.
According to the report, the country earned N5.127 billion from the solid minerals industry in January, while revenue rose by 9.62 per cent to N5.62 billion in February.
By comparison, the sector generated N4.176 billion in January 2025 and N3.782 billion in February 2025. Revenue stood at N5.277 billion and N4.175 billion in November and December 2025, respectively.
The ministry attributed the earnings largely to royalties and fees collected from mining operators.
It explained that royalties were derived from minerals extracted and sold, while fees comprised annual service charges, registration payments and charges for the issuance of mining licences.
A breakdown of the January revenue showed that N1.472 billion came from royalties, while N3.655 billion was realised from fees.
For February, the ministry reported that royalties contributed N2.809 billion, while fees accounted for N2.811 billion of the total revenue.
In the corresponding period of 2025, royalties generated N2.708 billion and fees N1.468 billion in January, while February recorded N2.004 billion in royalties and N1.779 billion in fees.
The ministry attributed the improved performance in 2026 to increased mining activities and enhanced revenue collection across the sector.
It also disclosed that January's revenue of N5.127 billion exceeded the monthly target of N3.498 billion by 46.57 per cent, while February's collection of N5.62 billion surpassed the same target by 60.71 per cent.
According to the ministry, February's performance represented a positive variance of N2.123 billion above its monthly revenue target and an increase of N493.52 million compared to the amount generated in January, underscoring the sector's continued upward trajectory.
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