The chairman, Senate Committee on Solid Minerals Sen. Ekong Samson gave the commendation when the DG appeared before the Committee to present and defence its 2025 budget.
Sen. Samson applauded the NMCO boss for his prudent utilization of fund and consistent increment in revenue generation.
He pledged the committee’s commitment to providing adequate funding for the Agency to strive in the mining sector.
”Yes, you have done well but you need to do more”
Spark News Daily recall that NMCO generated ₦8.2 billion in October 2024, marking a significant milestone in the agency’s revenue performance. Unfortunately, its annual appropriation remains N1bn.
Nkom expresses optimism that with increased investment in equipment, staff training, and better operational conditions, NMCO could achieve even higher revenues while ensuring ethical practices within the sector.
The Agency’s total revenue from inception to October 2024 stands at ₦36.04 billion, with 100% of this amount remitted to the Federal Government’s Treasury Single Account (TSA).
Meanwhile the agency’s revenue from 2019 when Nkom took over the helm of affairs to October 2024 totals ₦26.23 billion, representing 75% of the total revenue generated, with ₦13.19 billion of that earned from 2023 to October 2024 alone. This marks a 63% increase from the ₦8.09 billion earned during the same period in 2021-2022.
The breakdown of NMCO’s revenue growth over the years shows consistent increases:
– 2019: ₦2.38 billion
– 2020: ₦2.56 billion
– 2021: ₦4.30 billion
– 2022: ₦3.79 billion
– 2023: ₦6.07 billion
– October 2024: ₦8.20 billion
This consistent increase in revenue is attributed to reforms within NMCO, including enhanced transparency, stricter enforcement measures, and the digitization of licensing and revenue collection systems.
