A study on the economic analysis of soil and associated nutrients conceded to gully erosion at six sublocations within Mubi area, Adamawa state during the 2007 and 2008 wet seasons. Soil and nutrient loss parameters that related to water erosion were studied in the field, alongside determination of some relevant physico-chemical properties in the laboratory. Relative percentages and tables were used to compare the results. The study revealed an alarming estimates of soil mass and associated nutrient loss in both study years. Economic implications appeared disturbing and demands an immediate attention in order to curtail further uncertainties of unbearable colossal soil and nutrient losses, except otherwise managed using suggested conservation measures that could compatibly obliterate the menace in the study area.