The Committee, which gave the commendation during a session with the Mining Cadestre Office on it’s 2024 budget performance and 2025 budget proposal defence, also pledged the its commitment to providing adequate funding for the Mining Cadastral Office (MCO).
The Chairman, Senate Committee on Solid Mineral, Sen. Ekong Samson gave the commendation while pledging the committee’s commitment to providing support and enjoined the MCO to do more.
” Yes, you have done well but you need to do more,” he said.
The Nigerian Mining Cadastre Office (NMCO) generated ₦8.2 billion by October 2024, marking a significant milestone in the agency’s revenue performance. Despite the agency generating billions of naira, 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).
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.
NMCO traced the consistent increase in revenue to new reforms, including enhanced transparency, stricter enforcement measures, and the digitization of licensing and revenue collection systems.
The committee chairman, Sen. Ekong who decries the drawback 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 the mining sector’s capacity generate 10 trillion naira in two year if government invest more funds in it.
