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

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

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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 workplace has generated N8.1 billion income since January.

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

He described the income as a record-breakimg achievement, marking a considerable rise in earnings for the company.

He stated that the surge mirrored the nation’s strengthened dedication to diversifying its economic system by way of the stable minerals sector and bettering its mining sector’s regulatory framework.

The D-G attributed the rise in income to enhanced transparency, enforcement measures, and digitalisation that streamlined the licensing and income assortment processes.

He stated that the continuing initiatives to boost transparency, cut back processing instances, and guarantee equitable mining rights distribution, additionally contributed to the company’s document earnings.

“Revenue generated by the workplace from inception thus far is N36.048 billion.100 per cent of income generated is remitted to the Federal Government Treasury Single Account (TSA).

“Revenue generated from 2019 – October, 2024, N26.230 represents 75 per cent of income 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 stated.

He briefed the committee on the Cadastre’s function in overseeing the issuance of mining licenses and permits, in addition to its efforts to streamline operations inside the business.

He listed a few of the challengesacn the cadastre to incorporate insufficient funding and in satisfactory workplace area.

“This premises is housed by part of the World Bank. We are renting the constructing, and we now have been having many problems with paying the hire. These are the one two locations that we now 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 stated.

He stated that the MCO labored with all of the legislation enforcement businesses to make sure that cadastre was safe.

He, nonetheless, stated that there have been fairly a variety of litigations happening.

“ 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 stated.

Earlier, Ekong stated that the go to was aimed toward enhancing transparency and accountability within the nation mining sector.

He stated that the go to was basically to make sure that the NMCO fulfilled its obligations in alignment with federal tips, enhancing the mining sector’s contribution to Nigeria’s economic system.

“Insights from this go to have been helpful, and we’ll look at the reform processes. Strengthening the sector would require efficient 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 stated.

He stated that the committee would overview the documentation offered by the NMCO and pledged continued help for the Cadastre.

He careworn the significance of synergy between regulatory our bodies to totally maximise Nigeria’s mining potential.

The News Agency of Nigeria (NAN), experiences that the senate committee’s oversight go to was aimed toward evaluating the cadastre’s adherence to regulatory requirements.

It was additionally aimed toward reviewing its operational effectivity, and figuring out potential areas for improved useful resource administration. (NAN) (www.nannews.ng)

Edited by Kadiri Abdulrahman