RMAFC Boss Seeks Robust Revenue Mobilization For Economic Growth, Dev
- Says diversifying income streams will promote fiscal independence
BY COBHAM NSA – Nigeria requires a robust approach in mobilising domestic revenue to serve as a stimulus for national development financing and progressive economic growth
It is also imperative to build-up revenues at all levels of government and effectively manage available resources if the country must move forward on the path of sustainable economic growth and development.
Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Dr Mohammed Bello Shehu, who stated this at the National Council on Finance and Economic Development (NACOFED) held in Bauchi state, also stressed the urgent need to prioritise the diversification of Nigeria’s revenue base to boost fiscal independence and economic resilience
Addressing issues around the NACOFED theme of “Fostering Economic Growth in Challenging Times: Strategies for Policies and Partnership for Fiscal Sustainability and National Development” in his presentation, Dr Shehu said the country’s continuous reliance on oil revenue, coupled with global price volatility and rising debt burdens, has highlighted the need for sustainable alternatives.
He further stated that; “Boosting domestic revenue provides a predictable foundation for national planning and reduces reliance on external borrowing”.
While also identifying taxation, non-tax revenues, state-owned enterprises, and the non-oil sector as pivotal sources of domestic revenue, the Commission Chairman underscore the importance of enhancing efficiency in tax administration and broadening the tax base by integrating the informal sector into the economy.
Additionally, Dr Shehu called for the development of solid minerals, agriculture, technology, and tourism, noting the potential of these untapped non-oil sector to boost employment and attract foreign investments while also contributing significantly to the nation’s revenue.
Stressing the need to invest in renewable energy, education, and infrastructure to foster long-term growth, the RMAFC boss recommended that Nigeria must pririotise diversifying revenue sources, and strengthening tax systems as well as promoting transparency and accountability.
A statement by the Head, Information and Public Relations Unit of RMAFC, Maryam Umar Yusuf also quoted the RMAFC boss as saying that; “Domestic revenue mobilization is not just a financial necessity but a pathway to Nigeria’s economic self-reliance.”
“By prioritizing inclusive growth and strategic investments, Nigeria can build a sustainable and resilient economy capable of meeting the aspirations of its people”, Dr Shehu added.
This year’s conference was attended by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, Permanent Secretary, Federal Ministry of Finance, Lydia Jafiya, and the Accountant General of the Federation (AGF), Mrs Oluwatoyin Shakirat Madein.
Others who graced the event included Chairman of RMAFC, Dr M.B Shehu OFR, Commissioners of Finance and Accountant Generals from the 36 States of the Federation, including the Federal Capital Territory (FCT) and relevant stakeholders.
With the Federal Ministry of Finance superintending over its affairs, NACOFED is a financial body that serves as a platform for coordinating economic policies and strategies across all tiers of government (federal, state, and local) to drive national economic development.
Usually hosted by a willing State Government, the NACOFED conference, which holds annually, is forum where key stakeholders also discuss and agree on crucial financial and economic issues affecting the country.
