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National Assembly Complex
The Senate Committee on Solid Minerals has called on the Director-General of the Nigeria Mining Cadastre Office, Simon Nkom, to sustain and enhance the agency’s revenue generation efforts to help the Federal Government meet its fiscal targets.
The commendation was delivered on Thursday during NMCO’s 2025 budget defence at the National Assembly in Abuja. The Chairman of the Committee, Senator Ekong Sampson (PDP, Akwa Ibom), praised the agency’s efficient management of funds over the years but urged it to do more in boosting revenue to support President Bola Ahmed Tinubu’s developmental agenda.
“The Mining Cadastre Office has done well in respect of revenue generation. By ramping up revenue for the country, I think that deserves commendation, but a lot still needs to be done,” Sampson said.
“The country is looking forward to diversification. We are working to ramp up revenue for our economy. So, one looks forward to this kind of effort where revenue is increased so that we can strengthen our economy,” he added.
He assured the agency of the committee’s support, stating, “Whatever your projections, you deserve support and encouragement, and the committee is fully aware. We have noted the issues you have raised.
“We have also noted that you have ramped up revenue for the country. We expect you to increase your revenue, which will help to drive our economy.”
The lawmaker also emphasised the need for adequate funding of the solid mineral sector as Nigeria seeks to diversify its economy away from oil dependency.
“Nigeria must look beyond oil and diversify its economy. This explains the concerns we raised earlier when we observed that there was clear inadequacy in what was appropriated for the solid minerals sector in Nigeria.
“We raised that concern in the national interest, and as co-travellers, we must seek ways to strengthen the economy. If we have to look beyond oil, we must focus on solid minerals,” Senator Sampson stressed.
NMCO’s performance, future goals
Earlier, the NMCO DG, Simon Nkom, presented a performance report, revealing that the agency generated ₦8.2 billion as of October 2024.
He, however, lamented the allocation of just ₦1 billion to the agency in 2024, despite its revenue-generating potential.
Nkom highlighted that NMCO’s total revenue from inception to October 2024 stands at ₦36.04 billion, all of which has been remitted to the Federal Government’s Treasury Single Account.
He further disclosed that ₦26.23 billion of the revenue was generated between 2019, when he assumed office, and October 2024, accounting for 75 per cent of the agency’s total earnings. Of this, ₦13.19 billion was earned between 2023 and October 2024.
Nkom attributed the consistent rise in revenue to reforms within the agency, stating, “These include enhanced transparency, strict enforcement measures, and the digitisation of licensing and revenue collection systems.”
He expressed optimism that with increased investment in equipment, staff training, and better operational conditions, NMCO would surpass its current achievements and generate even more revenue in the 2025 fiscal year.
The Senate Committee pledged to provide the necessary support to ensure NMCO achieves its mandate, noting that the solid mineral sector remains a vital component of Nigeria’s economic diversification agenda.
