The Nigerian Mining Cadastre Office (MCO) announced on Monday, that it achieved unprecedented revenue figures for October 2024, generating N8.19 billion.
This remarkable increase underscores the agency’s enhanced performance.
The surge in revenue underscores the nation’s resolute commitment to diversifying its economy through the solid minerals sector and enhancing the regulatory framework of its mining industry.
NMCO director-general, Engr. Obadiah Simon Nkom, disclosed these figures in Abuja during a welcome address to the Senate Committee on Solid Minerals, chaired by Senator Sampson Ekong, on an oversight visit to the NMCO headquarters.
Nkom presented a comparative overview of the MCO’s revenue performance over recent years: 2019: N2.37 billion; 2020: N2.56 billion; 2021: N4.3 billion: N3.79 billion; 2023: N6.07 billion; and October 2024: N8.19 billion.
Nkom attributed the substantial increase in revenue to enhanced transparency, stringent enforcement measures, and the digitalisation of processes that have streamlined licensing and revenue collection.
He elucidated ongoing initiatives to augment transparency, reduce processing times, and ensure equitable distribution of mining rights, clarifying how these measures have facilitated the agency’s record earnings.
Nkom remarked, “The total revenue accrued by the Office from its inception to date amounts to N36.0 billion. It is imperative to note that 100 per cent of the revenue generated is remitted to the federal government Treasury Single Account (TSA).
“Revenue accrued from 2019 to October 2024 totals N26.23 billion, constituting 75 per cent of the overall revenue generated. Revenue from 2023 to October 2024 stands at N13.19 billion.
“This represents a 63 per cent increase compared to N8.09 billion generated during the equivalent period from 2021 to September 2022.”
Nkom provided the committee with insights into the Cadastre’s responsibilities regarding the issuance of mining licences and permits, alongside its efforts to enhance operational efficiency within the industry.
The Senate Committee’s oversight visit sought to assess the Cadastre’s compliance with regulatory standards, evaluate its operational efficacy, and identify potential avenues for improved resource management.
The Senate Committee on Solid Minerals Development, chaired by Senator Sampson Ekong, articulated that the visit’s purpose was to bolster transparency and accountability within Nigeria’s mining sector.
Ekong asserted that the visit was vital to ensuring that the NMCO discharges its responsibilities in accordance with federal guidelines, thereby augmenting the mining sector’s contribution to Nigeria’s economy.
“The insights gleaned from this visit have proven invaluable, and we shall scrutinise the reform processes. Strengthening the sector necessitates effective collaboration and reform. We have duly noted the issues raised, with our focus directed towards enhancing value and transparency within this sector,” he said, adding that the committee would review the documentation provided by the NMCO.
He pledged continued support for the Cadastre, emphasising the importance of synergy among regulatory bodies to realise Nigeria’s mining potential fully.
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