BY COBHAM NSA – The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says government at all levels must embrace transformative economic diversification to effectively address current economic realities in the country.
According to the Commission, given the country’s disturbing fiscal trajectory, especially against the backdrop of a volatile revenue base, it is time for all stakeholders to adopt a deliberate and data driven approach to revenue mobilisation and economic diversification.
The Commission, which held a strategic retreat organised for members of its Mobilisation and Diversification Committee (M&DC), said it is important for government’s critical decision making to address widening budget deficits, unsustainable debt, and a volatile revenue base heavily dependent on oil.
Addressing participants at the retreat with the theme, “Clarifying the Strategic Role of the Mobilisation and Diversification Committee and Leveraging Diversification Mandate to Drive Nigeria’s Economic Transformation”, Chairman of the Commission, Dr. Muhammed Bello Shehu, said, “Nigeria’s fiscal trajectory is at a crossroads. While the federal government continues to face growing expenditure needs, internally generated revenue (IGR) remains insufficient across most states.
“The time has come for all stakeholders to adopt a deliberate and data driven approach to revenue mobilisation and economic diversification.”
The Chairman, who was represented by the Federal Commissioner from Kwara State, Ismail Mohammed Agaka, further explained that the retreat was designed to evaluate existing revenue mobilisation frameworks, explore innovative avenue for economic diversification, while strengthening collaboration with sub-national and other relevant stakeholders.
Importantly too, the RMFAC boss said the retreat seeks to develop actionable recommendations that suits into the national policy and recent reforms aimed at stabilizing the economy, and addressing global economic shocks threatening Nigeria’s fiscal stability.
Also speaking, the Chairman of Mobilisation and Diversification Committee Chairman, Victor Eboigbe said the retreat was organised to carefully examine issues affecting the Committee performance while deliberating on innovative and actionable ways to engender a realistic economic diversification at all levels of governance.
Eboigbe, who is the Federal Commissioner representing Edo State in the Commission, said the aim is to have creative approaches and inventive solutions that are in tune with current economic realities in the country.
In its communique, the Committee recommended addition of economic diversification efforts of governments at all levels as one of the proxies for sharing the revenue allocation formula as well as the need to sensitize the sub-nationals through collaboration with the six regional development commissions to organise zonal advocacy.
Furthermore, the communique said the Commission should come up with a National Policy document on economic diversification, taking into consideration economic potential and the peculiarities of the three (3) tiers of government.
Other recommendations include: The need for M&DC to collaborate with all relevant stakeholders to obtain information that would guide its mandate implementation; Fostering Public Private Partnership and facilitating collaboration among Federal, States, and Local Government Councils to boost investment and economic growth; Organising zonal advocacy for enhanced revenue generation by the tiers of government with the informal sector brought into the tax net using banks and the financial sector.
Additionally, the Committee urged government at all levels to embark on projects with huge revenue potential and job contents; while embracing continuation of infrastructural development of past administrations.
The Communique said for the purpose of continuity, past programmes of RMAFC on economic diversification at all levels should be rebranded and reorganized to reflect the current economic realities in the country.
RMAFC’s Head, Information and Public Relations, Maryam Umar Yusuf said in a statement that the Retreat held at Metropolitan Hotel, Calabar, the Cross River State capital from Thursday, 11th to Saturday, 13th of September 2025,
