Nigeria has generated N14.59 billion between 2018 and 2022 from issuance of mining licences, says the Director-General of Nigeria Mining Cadastre Office (NMCO), Obadiah Nkom.
He disclosed this on Thursday while briefing State House correspondents when he featured at the 63rd session of the ministerial briefing organised by the Presidential Communications Team, in Abuja.
He also said that the office revoked 3,402 titles that were not used, adding that the agency makes sure that only the rightful people are given license.
On the revenue generation, he explained that in 2018, 2019 and 2020, the agency generated N1.55 billion, N2.38 billion and N2.57 billion, respectively.
However, between 2021 and 2022, its revenue fell from N4.3 billionn to N3.79 billion respectively.
Nkom explained that the revenue drop was due to changes in its internal operating system which temporarily affected revenue inflow.
He said that the introduction of Electronic Mining Cadastre was aimed at repositioning the agency, stressing that subsequently, it was going to have a huge increase in revenue generation.
Nkom further said that 100 percent of the Office’s revenues are sent to the Treasury Single Account, TSA, of the Federal Government.
He also noted that the bulk of the revenue come from application, processing and annual service fees; which he said constitute 50 per cent of the annual revenue generated from the Federal Ministry of Mines and Steel Development.
President Muhammadu Buhari renewed the appointment of Nkom for a second and final term of four years with effect from January 12, 2023. He was first appointed in 2019.
