Engr. Obadiah Nkom, Director General of the Nigerian Mining Cadastre Office (NMCO), announces that the agency generates N8,199,976,300 in revenue for October 2024. Nkom shares this achievement during an oversight visit by the Senate Committee on Solid Minerals, led by Senator Sampson Ekong, in Abuja.
He provides a breakdown of NMCO’s revenue since its establishment, highlighting consistent growth and remittance of all funds to the Federal Government Treasury Single Account (TSA).
“Total revenue generated by the NMCO from inception to date stands at N36,048,229,019,” Nkom states, emphasizing that 100% of the agency’s revenue is deposited into the TSA. He also notes that revenue from 2019 to October 2024 amounts to N26,230,733,463, representing 75% of the total collected. Revenue for 2023 to October 2024 reaches N13,194,261,761, reflecting a 63% increase over the previous period of 2021 to September 2022.
Annual Revenue Performance
Nkom highlights the annual performance of NMCO’s revenue over the years, culminating in a record N8.2 billion generated in October 2024. The breakdown is as follows:
- 2019: N2,379,500,315
- 2020: N2,562,037,622
- 2021: N4,301,178,122
- 2022: N3,793,679,643
- 2023: N6,071,263,461
- October 2024: N8,199,976,300
The Director General attributes this substantial increase to internal reforms within the agency, including improved transparency, stronger enforcement mechanisms, and the digitization of the licensing and revenue collection processes.
Challenges Facing the Cadastre Office
Despite its financial successes, the NMCO faces operational challenges. Nkom highlights several key areas requiring attention, including increased funding, more office space, and reliable power supply to maintain productivity.
“The office needs a dedicated, organized filing room for document storage, additional skilled personnel to handle the workload, and consistent electricity for uninterrupted operations,” he says. “We also face issues with office equipment shortages, such as photocopiers, computers, and laptops, as well as low internet bandwidth, which affects digital operations. Continuous staff training is essential for improving service quality.”
Senate Committee’s Role
Senator Ekong stresses the importance of the oversight visit to ensure that NMCO aligns with federal guidelines and continues to strengthen Nigeria’s mining sector. He acknowledges the valuable insights gathered and emphasizes the need for collaboration and reform to enhance the sector’s contribution to the economy.
“We will review the reform processes and focus on adding value and transparency to the mining sector,” Senator Ekong states. He also confirms that the Senate Committee will carefully examine the documentation provided by NMCO and remain committed to supporting the agency’s efforts.
