Economy
Mining: FG Hires 100 Experts to Boost Earnings
By Dipo Olowookere
No fewer than 100 revenue consultants have been engaged by the Federal Government to help boost earnings from the mining sector of the country’s economy.
The experts are expected to help the government block leakages in the revenue accrued from the industry, which is still largely untapped in the country.
Minister of Mines and Steel Development, Mr Kayode Fayemi, explained that the consultants would be deployed to the six geo-political zones of Nigeria in the coming week are to examine financial and production records of companies involved in mining activities in the last six years.
After this, they will determine whether appropriate royalties were remitted to government by these firms.
Mr Fayemi, speaking at the three-day induction and training for the Revenue Consultants in Abuja on Monday, noted that the main target of the ministry was to ensure that the Federation Account gets its fair due in royalties and taxes.
According to the Minister, the project, tagged ‘Revenue Optimization and Verification Project,’ would assist in blocking leakages in the mining sector, thereby positioning the sector to achieve its set agenda of contributing significantly to the GDP.
The Minister noted that the consultants, who have already been grouped into all the 36 states in the six geopolitical zones of the country, are to commence work after the training programme.
He said, “Our expectation of this project is that the Ministry would emerge as a lead revenue agency for the Federal Government of Nigeria, in line with the growth projections of the Economic Recovery and Growth Plan (ERGP), which recognizes the mining sector as one of Nigeria’s most promising growth sectors, and acknowledges that its contribution to GDP doubled from N52 billion in 2010 to N103 billion in 2015.
“The ERGP further projects that revenue the mining sector would grow from N103 billion (2015) to N141 billion (2020) at an average annual growth rate of 8.54 per cent (2017-2020).”
Mr Fayemi said he was optimistic that the ministry would surpass these targets, as all stakeholders work collaboratively to ensure the success of the R.O.V. Project, resulting in improved levels of voluntary compliance of operators.
The Minister admitted that leakages in government revenue was a big challenge in the mining sector, a development, which he said the ministry was determined to redress with the ROV Project, following its approval by the National Economic Council (NEC).
He said, “The R.O.V Project is an initiative of our ministry, pursuant of one of our core mandates, which is to significantly increase the contribution of the Mining Sector to our sovereign revenue.
“Indeed, leakages in government revenue remain a big challenge in the sector, which we are working collaboratively with other government entities and sector stakeholders to fix. We have given considerable thought to this challenge and come up with a number of strategies to tackle it, one of which we are witnessing its launch today.
“I am therefore pleased to announce that following the approval of the National Economic Council (NEC), we are today inaugurating a new model of revenue generation and collection in the mining sector. This entails the engagement of Professional Revenue Consultants who would work with our ministry’s mining officers to identify revenue leakages in the system.
“The Revenue Optimization and Verification Project essentially seeks to confirm the adequacy of royalties’ remittances made by the various operators in the mining industry. They are mandated to collect and analyse data from 2012 – 2017 in the course of their work, thus giving us the opportunity to demand and receive accruals due to government from the referenced period.
“It would also ensure compliance of all operators to paying the correct amount in royalties to the government coffers going forward.”
The Minister said the exercise will be carried out in line with the provisions of Section 17 of the Nigeria Mineral and Mining Act of 2007 which empowers the Mining Inspectorate Division of the Ministry to supervise and enforce compliance of laws and also section 43 of the Nigeria Mineral and Mining Act of 2007 which mandates mining operators to keep and supply records upon request by the ministry.
Speaking further, the Minister who was represented by the Permanent Secretary of the Ministry, Dr Muazu Abdullahi, said the project was not designed to witch hunt anybody, even as he warned the consultants to avoid any shady deals.
“This is not a witch hunting initiative, but the exercise of the statutory responsibility of the Ministry to determine the adequacy of remittances made by the various operators in the mining industry,” he said.
Mr Fayemi added that, “The image and reputation of the Ministry of Mines and Steel Development, and indeed the entire Federal Government of Nigeria is key during this Revenue Optimization and Verification Project; therefore, we charge all consultants to stand for what this government stands for by avoiding any form of compromise, illegality and unprofessional conduct.
The Project Coordinator, Mr Makinde Araoye, said the projects is at no cost to the Ministry as the National Economic Council approval stated that consultants and the ministry take a certain percentage of whatever is recovered.
“NEC approved 15 per cent as cost of collection, out of the 15 per cent. The consultant will be paid a certain percentage of what they recover, the lead consultant will be paid a certain percentage of what they recover and the Ministry will also retain certain percentage as cost of collection”, he added.
By Adedapo Adesanya
Oil was up by nearly 3 per cent on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz continued, with Brent futures for June rising by $3.03 or 2.8 per cent to $111.26 a barrel, and the US West Texas Intermediate (WTI) crude futures growing by $3.56 or 3.7 per cent to $99.93 a barrel.
An earlier round of negotiations between the United States and Iran collapsed last week after face-to-face talks failed.
Ship-tracking data showed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the US blockade, but some traffic is still moving.
Prices trimmed some of the advances after the United Arab Emirates (UAE), the fourth-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said on Tuesday it would exit the group on this Friday, May 1, 2026.
This dealt a blow to the oil-exporting group and its de facto leader, Saudi Arabia.
The UAE could quickly add between 1 million and 1.5 million barrels per day of output. However, with the Strait of Hormuz effectively closed, analysts said that there’s nowhere for that supply to go.
The UAE joined OPEC in 1967, but tension with Saudi Arabia over production quotas has been building for years.
Under the OPEC+ deal, the country has been held to roughly 3 million barrels per day while sitting on capacity above 4 million. It has been pushing toward 5 million barrels per day by 2027, and that target is hard to achieve with quotas built around someone else’s view of the market.
The war in Yemen broke whatever was left of diplomatic patience.
President Donald Trump said he was unhappy with the latest Iranian proposal to end the war. The proposal would avoid addressing the nuclear programme until hostilities cease and Gulf shipping disputes are resolved.
The Idemitsu Maru, a Panama-flagged tanker carrying 2 million barrels of Saudi oil, and an LNG tanker managed by the Abu Dhabi National Oil Company (ADNOC) crossed the Strait on Tuesday, shipping data showed.
Vortexa data showed that the amount of crude oil held around the world on tankers that have been stationary for at least seven days rose to 153.11 million barrels as of April 24.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.79 million barrels in the week ending April 24. The official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited returned to winning ways on Tuesday after it closed higher by 2.30 per cent amid cautious trading.
Yesterday, investor sentiment at the Nigerian stock market was weak after finishing with 37 price gainers and 40 price losers, indicating a negative market breadth index.
It was observed that the industrial goods sector rose by 4.86 per cent, the energy index appreciated by 4.66 per cent, and the consumer goods segment soared by 2.74 per cent. They offset the 1.38 per cent loss recorded by the banking counter and the 0.20 per cent decline printed by the insurance sector.
At the close of business, the All-Share Index (ASI) was up by 5,137.90 points to 228,740.19 points from 223,602.29 points, and the market capitalisation went up by N3.308 trillion to N147.278 trillion from N143.970 trillion.
The trio of FTN Cocoa, Industrial and Medical Gases, and Lafarge Africa gained 10.00 per cent each to sell for N5.50, N39.60, and N324.50, respectively, while Austin Laz grew by 9.71 per cent to N3.73, and Aradel Holdings jumped 9.52 per cent to N1,840.00.
On the flip side, UBA lost 10.00 per cent trade at N44.55, Trans-Nationwide Express slipped by 9.99 per cent to N6.40, NASCON crashed by 9.18 per cent to N187.90, Jaiz Bank depreciated by 8.93 per cent to N8.01, and Berger Paints crumbled by 8.66 per cent to N68.00.
Yesterday, market participants traded 908.0 million equities valued at N68.2 billion in 72,886 deals compared with the 678.2 million equities worth N44.1 billion transacted in 82,838 deals on Monday, showing a drop in the number of deals by 12.01 per cent, and a spike in the trading volume and value by 33.88 per cent and 54.65 per cent, respectively.
By Adedapo Adesanya
Nigeria’s oil production recorded a five-year high of 1.71 million barrels per day, marking a significant rebound for the country’s upstream sector amid renewed efforts to restore output and improve operational stability.
The latest figure, released by Nigerian National Petroleum Company (NNPC) Limited, covers the period from April 2025 to April 2026 and underscores a steady recovery in crude production after years of disruptions caused by theft, pipeline vandalism and underinvestment.
According to the chief executive of the national oil company, Mr Bayo Ojulari, the performance reflects measurable progress across the company’s upstream, gas and downstream operations, with production gains supported by improved asset management and stronger field performance.
Within its exploration and production business, NNPC recorded a peak daily output of 365,000 barrels in December 2025, the highest level ever achieved by its upstream subsidiary. The company also advanced key contractual reforms, including revised production-sharing terms for deepwater assets aimed at unlocking additional gas reserves.
Nigeria’s gas ambitions are also gaining traction. Gas supply rose to 7.5 billion standard cubic feet per day in 2025, driven by major infrastructure milestones such as the River Niger crossing on the Ajaokuta-Kaduna-Kano pipeline and the commissioning of the Assa North-Ohaji South gas processing plant.
These investments are beginning to strengthen domestic gas utilisation. New supply agreements with major industrial consumers, including Dangote Refinery, Dangote Fertiliser and Dangote Cement, are expected to deepen gas penetration across manufacturing and power generation.
On the downstream front, NNPC has continued crude supply to Dangote Refinery under the crude-for-naira arrangement, a policy designed to reduce foreign exchange demand, support local refining and improve fuel market stability. The company also reaffirmed its 7.25 per cent equity stake in the refinery as part of its long-term energy security strategy.
Financially, the national oil company said it has resumed full monthly remittances to the Federation Account since July 2025. It has also reinstated regular performance reporting and held its first earnings call, moves widely seen as part of a broader push towards greater transparency and corporate accountability.
Despite the progress, challenges remain. Crude theft, pipeline outages and infrastructure bottlenecks continue to threaten production stability. Sustaining this recovery will depend on stronger security, reliable infrastructure and policy consistency as Nigeria seeks to maximise the benefits of rising domestic refining capacity.
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