Mining Cadastre's Revenue Hits N8.1bn In October

Ismail Abdulaziz
Nov, Tue, 2024

General News

Mining cadastre’s revenue hits N8.1bn in October

follow and like on:

155 total views today

DG of Nigeria Mining Cadastral Office, Obadiah Nkom

By Nana Musa

The Director-General (D-G) of Nigeria Mining Cadastral Office (MCO), Obadiah Nkom, says the office has generated N8.1 billion revenue since January.

Nkom disclosed this while welcoming the Senate Committee on Solid Minerals led by its Chairman, Sen. Sampson Ekong, on an oversight visit to the NMCO headquarters on Monday in Abuja.

He described the revenue as a record-breakimg achievement, marking a substantial rise in earnings for the agency.

He said that the surge reflected the country’s strengthened commitment to diversifying its economy through the solid minerals sector and improving its mining sector’s regulatory framework.

The D-G attributed the increase in revenue to enhanced transparency, enforcement measures, and digitalisation that streamlined the licensing and revenue collection processes.

He said that the ongoing initiatives to enhance transparency, reduce processing times, and ensure equitable mining rights distribution, also contributed to the agency’s record earnings.

“Revenue generated by the office from inception to date is N36.048 billion.100 per cent of revenue generated is remitted to the Federal Government Treasury Single Account (TSA).

“Revenue generated from 2019 – October, 2024, N26.230 represents 75 per cent of revenue generated. Revenue generated from 2023 to October 2024 is N13.194 bIllion.

“This represents an increase of 63 per cent over N8.094 billion generated in the corresponding period from, 2021 to Sept. 2022,” Nkom said.

He briefed the committee on the Cadastre’s role in overseeing the issuance of mining licenses and permits, as well as its efforts to streamline operations within the industry.

He listed some of the challengesacn the cadastre to include inadequate funding and in adequate office space.

“This premises is housed by a part of the World Bank. We are renting the building, and we have been having many issues of paying the rent. These are the only two places that we have.

“The other one, of course, is rented and even this place is very congested by the time we now go around. The challenges are just numerous,” he said.

He said that the MCO worked with all the law enforcement agencies to ensure that cadastre was secure.

He, however, said that there were quite a number of litigations going on.

“ I want to inform this distinguished committee that we have had litigations since the inception of the mining cadastral, and we have had almost 100 per cent successes in our litigations,” he said.

Earlier, Ekong said that the visit was aimed at enhancing transparency and accountability in the country mining sector.

He said that the visit was essentially to ensure that the NMCO fulfilled its obligations in alignment with federal guidelines, enhancing the mining sector’s contribution to Nigeria’s economy.

“Insights from this visit have been valuable, and we will examine the reform processes. Strengthening the sector will require effective collaboration and reform.

“We have taken note of the issues raised, and our focus is to add value and transparency to this sector,” the senator said.

He said that the committee would review the documentation provided by the NMCO and pledged continued support for the Cadastre.

He stressed the importance of synergy between regulatory bodies to fully maximise Nigeria’s mining potential.

The News Agency of Nigeria (NAN), reports that the senate committee’s oversight visit was aimed at evaluating the cadastre’s adherence to regulatory standards.

It was also aimed at reviewing its operational efficiency, and identifying potential areas for improved resource management. (NAN) (www.nannews.ng)

Edited by Kadiri Abdulrahman

follow and like on: