The Federal Government has spent about ₦12.5 billion to recover gold from artisanal and small-scale miners across Nigeria, according to official documents detailing spending from the Natural Resources Fund as of September 2025.
The initiative, known as the National Gold Purchase Programme (NGPP), aims to strengthen the naira, increase foreign reserves, and formalize Nigeria’s informal mining sector. The transaction, dated August 25, 2025, and approved by President Bola Tinubu, falls under the Solid Minerals Development Fund’s (SMDF) intervention scheme.
According to the document, the payment was made “to increase the capacity and efficiency of artisans and small-scale miners in support of the National Gold Purchase Programme.”
Minister of Solid Minerals Development, Dr. Dele Alake, explained that the programme enables the government to buy locally mined gold in naira, which is then added directly to the Central Bank of Nigeria’s reserves.
He said, “This initiative helps us curb smuggling, boost local employment, and grow our foreign reserves without relying on dollars. It’s one of the fastest ways to strengthen the naira.”
At the 2025 Nigeria Mining Week, Alake confirmed that the NGPP, driven by the SMDF, had already begun operations, helping the government acquire gold domestically while supporting thousands of small-scale miners.
The spending record also revealed that between May and August 2025, the SMDF received ₦7.38bn in allocations from the Natural Resources Development Fund, with a remaining balance of ₦132.05bn in the account.
Officials say the next phase of the programme will further expand funding to artisanal miners and cooperatives, positioning the soli
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