Solid Minerals Ministry Earns N15.6 Billion in Revenue for Q1 2026

The Ministry of Solid Minerals Development (MSMD) collected a total of N15.62 billion in the first quarter of 2026, according to a Federation Account Allocation Committee (FAAC) document seen by THISDAY.

This figure, covering January to March 2026, underscores the ministry’s role in the federal government’s economic diversification strategy within the extractive sector.

A detailed look at the quarterly results shows that February was the most productive month, generating N5.62 billion, which represents about 36 percent of the Q1 total.

January followed with N5.12 billion, accounting for 32.8 percent, while March recorded N4.87 billion, or 31.2 percent of the quarterly sum.

Although March’s collection dipped slightly from February, the cumulative N15.6 billion establishes a strong foundation for the ministry’s annual revenue target of N41.97 billion for 2026.

When March’s performance is compared with the government’s benchmarks, the ministry shows a significant positive budget variance. With a monthly target of N3.49 billion, the actual collection of N4.87 billion represents a 39.4 percent over‑performance.

Most of this success comes from royalties rather than administrative fees. In March, royalties alone accounted for the entire N4.87 billion, surpassing the monthly royalty target of N2.24 billion by more than 116 percent. The rise in royalties suggests increased mining activity or more efficient collection mechanisms in the mineral‑producing sectors.

Conversely, the data reveal a challenge in fee collection. While the monthly target for fees was N1.24 billion, the ministry recorded “NIL” collections for this category in March, resulting in a 100 percent negative variance.

Official notes accompanying the revenue schedule attribute this shortfall to technical and administrative problems within the Mining Cadastral Office, which delayed the remittance of these payments into the Federation Account.

Compared with February, March’s overall collection fell by about N744.99 million, a 13.2 percent monthly variance decline. The drop is mainly due to the absence of fee payments, as February had generated N2.81 billion from that stream.

February’s fee collection was particularly strong, exceeding its target by over 125 percent, which helped the month achieve record‑breaking figures.

Ministry officials remain optimistic, noting that the positive variance of N1.377 billion in March relative to the total monthly target indicates that the ministry is on track to meet its annual obligations.