Senate Urges Mining Agency to Boost Revenue for Economic Growth

The Senate Committee on Solid Minerals has urged the Nigeria Mining Cadastre Office (NMCO) to intensify its revenue generation efforts to help the Federal Government achieve its fiscal goals. This call was made during NMCO’s 2025 budget defence at the National Assembly in Abuja on Thursday, where the committee praised the agency for its financial efficiency but highlighted the need for further improvements.

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    Senator Ekong Sampson, Chairman of the Committee and representing Akwa Ibom under the PDP, commended NMCO for its significant contributions to national revenue. He, however, emphasised the importance of increasing earnings to bolster President Bola Ahmed Tinubu’s developmental plans and support the country’s broader economic objectives. Senator Sampson noted that Nigeria must prioritise economic diversification, particularly by investing in the solid minerals sector as an alternative to oil dependency. He expressed the committee’s readiness to support NMCO, underscoring the critical role the agency plays in strengthening the national economy.

    Senate Urges Mining Agency to Boost Revenue for Economic Growth

    In his presentation, NMCO Director-General Simon Nkom outlined the agency’s achievements and challenges. According to Nkom, the agency generated ₦8.2 billion as of October 2024, contributing to a cumulative revenue of ₦36.04 billion since its establishment, all of which has been remitted to the Federal Government’s Treasury Single Account. He revealed that ₦26.23 billion, or 75 per cent of the agency’s total revenue, was generated during his tenure, which began in 2019, with ₦13.19 billion earned between 2023 and October 2024 alone.

    Nkom attributed these achievements to strategic reforms, including enhanced transparency, stricter enforcement measures, and the digitisation of licensing and revenue collection processes. However, he expressed concerns about inadequate funding, pointing out that only ₦1 billion was allocated to NMCO in 2024, despite its revenue-generating capabilities. He stressed that increased investment in equipment, staff training, and operational improvements could significantly enhance the agency’s performance.

    The Senate Committee acknowledged these concerns and pledged to provide the necessary support to ensure NMCO meets its targets. Senator Sampson reiterated the importance of prioritising the solid minerals sector, calling it a key pillar of Nigeria’s economic diversification strategy.

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