The Ministry of Solid Minerals is expected to generate over N70 billion in the next two years, following sweeping reforms by the President Bola Tinubu-led administration.

Special Assistant on Media to the Minister of Solid Minerals, Segun Tomori, disclosed this in his New Year message, describing the revenue leap as the outcome of deliberate, far-reaching reforms rather than coincidence.

He said: “It is no happenstance that revenue from solid minerals has surged astronomically since the advent of the President Bola Tinubu administration.

“From a paltry N16 billion generated from the sector in 2023, it moved to N38 billion in 2024 and now set to cross the N70 billion mark under the stellar stewardship of the Minister of Solid Minerals Development, Dr Dele Alake.”

According to him, since assuming office, Alake has redirected global attention to Nigeria’s mining sector in an unprecedented manner.

Armed with his now-famous seven-point agenda, the minister immediately embarked on bold reforms, including the revocation of 1,633 mining licences in late 2023 for default in payment of annual service fees, followed by the revocation of 924 dormant licences in early 2024 to free up space for serious investors, he added.

Tomori noted that the guidelines for Community Development Agreements (CDAs) were also revised to make the consent of host communities an integral part of the licence application process, while the long-standing challenge of illegal mining is being tackled head-on through the establishment of the Mining Marshals in 2024.

He recalled that within a year, over 300 illegal miners had been apprehended, 150 were undergoing prosecution, and 98 illegal mining sites had been recovered. Nationwide satellite surveillance is to commence in 2026 to boost enforcement.