The Minister of Solid Minerals Development, Dr Dele Alake, has disclosed that the Federal Government have generated a total of sixteen billion, three hundred and ninety-five million, six hundred and forty thousand seven hundred and seventy-one naira, and fifty-eight kobo (N16,395,640,771.58) from May 2023 to April 2024 from mining royalty and fees through Mining Cadastral Office (MCO)
Alake, in his presentation at the Sectoral Updates Series to mark the First Anniversary of President Bola Ahmed Tinubu’s Administration in Abuja, also disclosed that the total amount generated was against the total target of N10,566,635,560.24, which showed an achievement of the sum of N6,746,317,807.09 as surplus surpassing the target.
The Minister also disclosed 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.
While speaking further, Alake said 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.”
“Another initiative of SMDF is its partnership with the global exploration agency, XCalibur. Both are working together to advance Nigeria’s geological data capabilities.
“The SMDF is the face of the Ministry as the partner of choice for international mining companies. It mobilises capital for critical and strategic mining projects, attracts foreign direct investment, and fast-tracks the delivery of final investment decisions.”
On the gathering of big data, he said the ministry proposed a N70 billion exploration project to scale the hurdle.
“Although it was not accommodated in the current budget, we shall continue to make a strong case for this project as the elixir to the pains of mineral exploitation in Nigeria.”
“The Nigerian Geological Survey Agency (NGSA, despite limited funds, continues to engage in research to unravel the mineralogy of the Nigerian landscape. In the year under review, it performed the Geo-Information and Archiving of Data, Digitization, and Archiving of NGSA Legacy Data for Geodata Centre (Aerial Photographs, Maps, Bulletins) Phase 2 (iii) Production of digital geotourism map and database of the south-west geopolitical political zone of Nigeria.
“Regional mapping on 1:100,000 scale of the following sheets: Baro (205), Gulu (206), KotonKarfe (227), Aiyegunle (226), Yashikera (157) Okuta, Geochronological sampling/mapping of age dating and mineralization potential of the Kalangai-Zungeru-Ifewara Fault zone, SW Nigeria Phase 2,” the Minister said, among others.
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