Senate Commends DG NMCO, pledges support for mining eector

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By Pan Afric Reporters

Senate  Committee on Solid Minerals commended the Director General of the Nigeria Mining Cadestre Office, Engr. Simon Obadiah Nkom for his prudent utilization of fund and consistency 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 strive 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, Pan Afric Reporters learnt 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 pass 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 generate 10 Trillion Naira to government in two year if government invest  200Billion.

 

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