The Nigerian Mining Cadastre Office (NMCO) generated ₦8.2 billion in October 2024, marking a significant milestone in the agency’s revenue performance. Engr. Obadiah Nkom, NMCO’s Director General, disclosed this during an oversight visit by the Senate Committee on Solid Minerals, chaired by Senator Sampson Ekong, in Abuja.
Nkom revealed that 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). He highlighted that the agency’s revenue from 2019 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
Nkom attributed the revenue increase to reforms within NMCO, including enhanced transparency, stricter enforcement measures, and the digitization of licensing and revenue collection systems.
However, despite its financial success, NMCO faces several operational challenges. Nkom highlighted the need for increased funding, larger office space, and a reliable power supply to sustain productivity. He also pointed out deficiencies in office equipment, limited internet bandwidth, and the need for more skilled personnel and training to enhance operational efficiency.
Senator Ekong emphasized the importance of the visit in ensuring that NMCO aligns with federal guidelines to boost the mining sector’s contribution to Nigeria’s economy. He noted that the committee would review the documentation provided by NMCO and continue to support the agency’s reforms and development efforts to drive further growth in the sector.
