Lagos, Nigeria – Nigeria’s mining and quarrying sector contributed a total of N723.33 billion (approximately $463 million) in Company Income Tax in 2025, a significant increase from N520.34 billion recorded in 2024, according to data released by the National Bureau of Statistics.
Okay News reports that the sector generated N142.87 billion in the first quarter, rising to N212.27 billion in the second quarter. Collections peaked at N244.86 billion in the third quarter before declining to N123.34 billion in the fourth quarter, demonstrating strong but uneven quarterly performance.
The year-on-year increase of over 38 percent highlights growing fiscal contributions from a sector that has historically played a marginal role in government earnings. This mining tax revenue surge aligns with broader fiscal reforms and improved revenue administration.
The mining sector has long underperformed despite Nigeria’s vast mineral resources, contributing less than five percent to Gross Domestic Product due to years of underinvestment and policy neglect. Recent reforms, including the transfer of mineral royalty collection to the Nigeria Revenue Service, aim to reduce leakages and improve accountability.
This mining tax revenue growth reflects improved compliance and stronger regulatory oversight as the sector becomes a viable contributor to economic diversification.
