The Director General of Nigeria Mining Cadastre Office (NMCO), Obadiah Nkom, said the agency generated N14.59 billion in five years between 2018 and 2022.
Mr Nkom disclosed this to journalists at the 63rd session of the State House Ministerial briefing organized by the Presidential Communications Team at the Aso Rock Villa, Abuja.
He further disclosed that 100% of the Office’s revenues are sent to the Treasury Single Account of the Federal Government.
The breakdown: For the first three between 2018, 2019, and 2020, the agency generated N1.55 billion, N2.38 billion, and N2.57 billion, respectively. Meanwhile, the revenue fell from N4.3 billion to N3.79 billion respectively between 2021 and 2022.
According to the DG, the revenue drop was a result of changes in its internal operating system which temporarily affected revenue inflow.
He added that the majority of the revenue comes from the application as well as the processing and annual service fees which consists of 50% of the annual revenue generated from the Federal Ministry of Mines and Steel Development.
In case you missed it: In September 2021, the agency’s boss was berated over poor revenue generation by a joint Senate committee working on the 2022-2024 Medium-Term Expenditure and Fiscal Strategy Paper.
Due to the swelling activities of illegal miners under Nkom’s watch, the committee stated that the nation was bleeding billions of naira.
In the 12 months that followed, the NMCO revoked 3,400 titles. The organization plans to revoke more in 2023.
