Director General of the Nigerian Mining Cadastre (NMCO), Engr. Obadiah Simon Nkom has disclosed, that the agency has recorded a huge sum of revenue in October 2024, generating ₦8,199,976,300, as this marked a substantial rise in earnings for the federal government.
The DG while disclosing this in his presentation on Monday during an oversight visit of the Senate Committee on Solid Minerals led by its Chairman, Senator Sampson Ekong, in Abuja, also explained that the surge reflects the country’s strengthened commitment to diversifying its economy through the solid minerals sector and improving its mining sector’s regulatory framework.
The Senate Committee’s oversight visit aimed to evaluate the Cadastre’s adherence to regulatory standards, review its operational efficiency, and identify potential areas for improved resource management.
He also disclosed an overview of the agency’s recent revenue performance as 2019: ₦2,379,500,315; 2020: ₦2,562,037,622; 2021: ₦4,301,178,122; 2022: ₦3,793,679,643; 2023: ₦6,071,263,461; October 2024: ₦8,199,976,300
He attributed the increased revenue to enhanced transparency, enforcement measures, and digitalization that streamlined the licensing and revenue collection processes.
He highlighted ongoing initiatives to enhance transparency, reduce processing times, and ensure equitable mining rights distribution, outlining how these efforts have contributed to the agency’s record earnings.
Engr Nkom added, “Revenue generated by the Office from inception to date is N36,048,229,019.00. Please note that 100% of revenue generated is remitted to the Federal Government Treasury Single Account (TSA).
“Revenue generated from 2019 – October 2024, N26,230,733, 463.00 representing 75% of revenue generated. Revenue generated from 2023 to October 2024 is N13,194,261,761.00.
“This represents an increase of 63% over.
N8,094,875,765.00 generated in the corresponding period from, 2021 – September 2022.”
Nkom briefed the committee on the Cadastre’s role in overseeing the issuance of mining licenses and permits, as well as its efforts to streamline operations within the industry.
He also enumerated the current operational challenges faced by the Office including the limited funding as resources fall short for expansive project and operational requirements.
He added that space constraints as the office facilities lack sufficient space for optimal workflow.
“Document Storage Needs – The office requires a dedicated, organized filing room for efficient record management. Workforce shortages – Additional skilled personnel are essential to meet the office’s workload and goals.”
“Power supply issues – Consistent electricity access is needed to sustain uninterrupted operations. Office equipment deficiency – Insufficient tools like photocopiers, computers, and laptops hinder productivity.”
“Low Internet band width – Limited internet capacity restricts connectivity and digital operations. Training Gaps – Staff require continuous capacity-building programs to enhance productivity and service quality,” he added.
The Senate Committee Chairman on Solid Minerals Development, Senator Sampson Ekong, explained that the visit aimed at enhancing transparency and accountability in Nigeria’s mining sector.
Ekong reiterated that the visit was essential to ensure the NMCO fulfills its obligations in alignment with federal guidelines, enhancing the mining sector’s contribution to Nigeria’s economy.
“Insights from this visit have been valuable, and we will examine the reform processes. Strengthening the sector will require effective collaboration and reform. We have taken note of the issues raised, and our focus is to add value and transparency to this sector.”
He added that the committee will review the documentation provided by the NMCO and pledged continued support for the Cadastre.
He stressed the importance of synergy between regulatory bodies to fully maximize Nigeria’s mining potential.
and then