The Federal Government says it will continue to revoke licenses issued to mining companies in the country found guilty of irregularities
Director General of the Nigerian Mining Cadastre Office, Obadiah Nkom said this in Abuja at the 63rd session of the Inter- ministerial briefing organised by the Presidential Communications Team.
He explained that the agency in 2022 revoked over 3,400 mining titles issued, adding that government will continue to do all possible to rid the mining sector of illegal activities
On revenue generation , Nkom said the Mining Cadastre Office generated N14.59bn from 2018 to 2022, but between 2021 and 2022, its revenue fell from N4.3bn to N3.79bn.
He blamed the fall in revenue on changes in its internal operating system which temporarily affected inflows negatively
Nkom also pointed out that 100% of the Office’s revenues are sent to the Treasury Single Account of the Federal Government.
He said the bulk of the revenue is from application, processing and annual service fees which accounts for 50% of the annual revenue generated by the Federal Ministry of Mines and Steel Development.
(Editor: Oloyede Oworu)
