IBY
Peterside Rejoice Eneky
Senate Committee on Solid Minerals has commended the Director General of the Nigeria Mining Cadastre, Office Engr. Simon Obadiah Nkom for his prudent utilization of fund and consistent increment in revenue generation.
The committee who gave the commendation during a session with the Mining Cadestre Office on it’s 2024 budget performance and 2025 budget proposal defence/presentation also pledged the committee’s commitment to providing adequate funding for the Cadastral Office (MCO) to thrive in the mining sector.
The Chairman, Senate Committee on Solid Mineral, Sen. Ekong Samson who gave the commendation while pledging the committee’s commitment to providing support enjoined the agency to do more.
” Yes, you have done well but you need to do more”
Recall, the Nigerian Mining Cadastre Office (NMCO) generated ₦8.2 billion in October 2024, marking a significant milestone in the agency’s revenue performance. Despite the agency generating over 8 billion naira in revenue by October, its annual appropriation remains only at 1 billion naira.
Nkom expresses optimism that with increased investment in equipment, staff training, and better operational conditions, NMCO could achieve even higher revenues while ensuring ethical practices within the sector.
The Agency’s total revenue from inception to October 2024 stands at ₦36.04 billion, with 100% of this amount remitted to the Federal Government’s Treasury Single Account (TSA).
Meanwhile the agency’s revenue from 2019 when Nkom took over helm of affairs to October 2024 totals ₦26.23 billion, representing 75% of the total revenue generated, with ₦13.19 billion of that earned from 2023 to October 2024 alone. This marks a 63% increase from the ₦8.09 billion earned during the same period in 2021-2022.
The breakdown of NMCO’s revenue growth over the years shows consistent increases:
– 2019: ₦2.38 billion
– 2020: ₦2.56 billion
– 2021: ₦4.30 billion
– 2022: ₦3.79 billion
– 2023: ₦6.07 billion
– October 2024: ₦8.20 billion
This consistent increase in revenue, is attributed to reforms within NMCO, including enhanced transparency, stricter enforcement measures, and the digitization of licensing and revenue collection systems.
The committee chairman, Sen. Ekong who decries the draw back in the procurement process/framework calls for the most effective, efficient and result oriented between the past and the present framework.
Similarly, the Nigerian Geological Agency during the session intimated the committee with the challenges of the agency, assured government of sector’s capacity to generate 10 Trillion Naira to government in two year if government invests 200Billion.
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