Senate calls for greater Investments in Solid Minerals as NMCO records ₦8.2bn revenue

The Senate has applauded the Nigeria Mining Cadastre Office (NMCO) for its impressive revenue generation over the past seven years, highlighting its ₦8.2 billion earnings in the 2024 fiscal year as a remarkable achievement.

The commendation came during the ongoing budget defense in Abuja, where the Senate Committee on Solid Minerals, chaired by Senator Ekong Samson, lauded the leadership of NMCO’s Director-General, Mr. Simon Obadiah-Nkom, for driving transformative reforms. The committee emphasized that the changes have significantly improved the agency’s performance and alignment with President Bola Tinubu’s developmental agenda.

“The Mining Cadastre Office has done well in ramping up revenue for the country. This deserves commendation, but much more can still be done,” said Senator Ekong. He reiterated the need for Nigeria to diversify its economy beyond oil, calling for increased budgetary support to the solid minerals sector.

Presenting the agency’s 2025 budget estimates, Mr. Obadiah-Nkom revealed that NMCO had generated ₦8.2 billion as of October 2024, the highest in its history. However, he pointed out that despite these earnings, the agency’s annual appropriation remained capped at ₦1 billion.

The DG expressed optimism that with better funding for equipment, staff training, and operational improvements, NMCO could achieve even greater revenue while maintaining ethical practices in the sector. He reported that the agency had remitted ₦36.04 billion to the Federal Government’s Treasury Single Account (TSA) since its inception, with ₦26.23 billion generated during his tenure from 2019 to October 2024.

Highlighting the agency’s steady growth, Obadiah-Nkom noted a 63% revenue increase from 2021 to 2024, attributing the success to ongoing reforms. He provided a breakdown of yearly revenues: ₦2.38 billion in 2019, ₦2.56 billion in 2020, ₦4.30 billion in 2021, ₦3.79 billion in 2022, ₦6.07 billion in 2023, and ₦8.2 billion as of October 2024.

The committee assured NMCO of its support, urging the agency to intensify efforts to enhance the country’s economic diversification through the solid minerals sector.