By Mercy Adi
The Senate Committee on Solid Minerals has commended the Director General of the Nigeria Mining Cadastre Office (NMCO), Engr. Simon Obadiah Nkom, for his prudent management of funds and consistent revenue growth. The committee, chaired by Sen. Ekong Samson, praised Nkom’s efforts during a session on the NMCO’s 2024 budget performance and 2025 budget proposal.
“Yes, you have done well, but you need to do more,” Sen. Ekong said, encouraging the agency to continue its good work.
The NMCO has indeed made significant strides, generating ₦8.2 billion in October 2024 alone. Despite this impressive revenue, the agency’s annual appropriation remains at just ₦1 billion. Nkom expressed optimism that with increased investment in equipment, staff training, and better operational conditions, the 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). Notably, the NMCO’s revenue has consistently increased over the years, with a 63% growth from ₦8.09 billion in 2021-2022 to ₦13.19 billion in 2023-2024.
NMCO’s Revenue Growth:
– _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
The committee has pledged its commitment to providing adequate funding for the NMCO to thrive in the mining sector.