Director General of the Nigerian Mining Cadastre office, Mr Obadiah Nkom has disclosed that the agency generated 14.59 billion naira from 2018 to 2022, and remitted all into the Treasury Single Account (TSA).

At the 63rd session of the State House Ministerial briefing today, the NMCO boss noted that the bulk of the agency’s revenue is derived from applications, processing and annual service fees, which constitutes 50 per cent of the annual revenue generated from the Federal Ministry of Mines and Steel Development.

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In 2018, 2019 and 2020, the agency generated 1.55billion, 2.38 billion and 2.57billion respectively. However, between 2021 and 2022, there was revenue decline from 4.3billion naira to 3.79 billion naira.

Mr Nkom further asserted that so farm, the agency has recorded about 6,000 license holders while from September 2021 to date, the agency revoked 3,400 titles, with warnings that it will revoke more in 2023 from those who do not comply with the provisions of the Act.