Obadiah Nkom, the Director General of the Nigerian Mining Cadastre Office, revealed that the agency generated ₦14.59 billion from 2018 to 2022 and deposited it all in the Treasury Single Account (TSA).
The NMCO boss stated today at the 63rd session of the State House Ministerial briefing that the majority of the agency’s revenue is derived from applications, processing, and annual service fees, which account for 50% of the annual revenue generated by the Federal Ministry of Mines and Steel Development.
The agency generated ₦1.55 billion, ₦2.38 billion, and ₦2.57 billion in 2018, 2019, and 2020, respectively. However, revenue fell from ₦4.3 billion to ₦3.79 billion between 2021 and 2022.
The DG also claimed that the agency has recorded approximately 6,000 license holders, while from September 2021 to date, the agency has revoked 3,400 titles, with warnings that it will revoke more in 2023 from those who do not comply with the Act’s provisions.