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Nigerian Mining revenue generation increased to N4.3 billion

The Nigerian Mining Cadastre Office, MCO, revenue generation increased to 86.7 per cent to N4.3 billion in December 31, 2021 from N2.303 billion in the corresponding period of 2020.

A statement from the office signed by the Director-General, Engr. Obadiah Nkom, said that the figure was highest ever generated to the federation’s account by the agency over the years.

He stated: “From January to May 2021, the MCO was able to rake in N2.016 billion while by December 31, 2021, the revenue generated rose to N4.3 billion, which was the highest revenue generated ever by the office.”

He said offices have been established in the Six Geo-political Zones of the Country which are working and collaborating more closely with other Departments and Agencies of the Federal Government in the Ministry of Solid Minerals. He said, “With about 44 minerals, there is a need to invest in accurate data gathering in order to attract the right investors to the solid minerals sector. The concern of the MCO is to be able to imbibe transparency, security of tenure and non-subjectivity, all towards attracting the needed investments in the sector”.he said offices have been established in the Six Geo-political Zones of the Country which are working and collaborating more closely with other Departments and Agencies of the Federal Government in the Ministry of Solid Minerals.

He said, “With about 44 minerals, there is a need to invest in accurate data gathering in order to attract the right investors to the solid minerals sector. The concern of the MCO is to be able to imbibe transparency, security of tenure and non-subjectivity, all towards attracting the needed investments in the sector”.

He also emphasized the need to generate the needed revenue for the country especially with the support of government and other stakeholders, even as he said the federal government should rethink and concentrate on solid minerals to diversify the economy thereby increasing its revenue base as prices of oil dwindle daily.

“Budgetary constraints as regards running costs of the headquarters; budgetary constraints as regards running costs of the zonal offices (vehicle maintenance, fuelling, communication, water and other Bills, among others) and the need for continuous capacity building of staff are major challenges,” he said.

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