The Senate Committee on Solid Minerals Development has acknowledged the surge in revenue generated by the Nigerian Mining Cadastre Office (NMCO) noting that exemplifies the strategic importance of the Agency in the realization of government’s set goal of economic diversification.
Chairman of the Committee, Senator Sampson Ekom made the remark on Monday when he led the Committee on oversight visit to the Agency.
“Our goal is to ensure that Nigeria maximizes the benefits of its mining industry. The Senate prioritises this oversight visit to review the agency’s operations before finalizing budget allocations,” he said.
“This agency is vital to our diversification strategy.”
“How can we diversify without NMCO? This office is essential to the mining sector and, consequently, to our nation’s economic resilience.”
“This visit will identify opportunities to deepen sector reforms, and it is crucial to strengthen collaboration among agencies and stakeholders,” he added.
He commended the Agency for the surge in revenues generated, and assured that his Committee will address the challenges of the Agency toward developing the sector for increased revenue generation.
The Committee Chairman further assured that his Committee will vigorously support ongoing reforms of the mining sector, adding that the committee is saddled with the responsibility to ensure that Nigeria gets the best from the mining sector.
Director General of the Agency, Engr. Simon Nkom disclosed that the Agency generated the sum of ₦8,199,976,300 in October 2024, marking a substantial rise in earnings for the agency.
Nkom, who attributed the surge to reforms in the sector, said the Agency will continue to drive the realization of the growth and development agenda of the government.
While saying that the revenues were collected through the Treasury Single Account (TSA) of government in line with best practices, he commended the Minister of the Solid Mineral Development, Dr. Dele Alake for his commitment to the realization of the mandate of the Agency.
Nkom also attributed the increased revenue to enhanced transparency, effective enforcement and the migration to real time online mineral licensing and revenue collection processes.
