The Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Shehu, has charged all tiers of government on a robust approach to boost domestic revenue mobilisation to finance national development.
Shehu, who gave the charge in his presentation at the just concluded 2024 edition of the National Council on Finance and Economic Development (NACOFED), with the theme “Fostering Economic Growth in Challenging Times: Strategies for Policies and Partnership for Fiscal Sustainability and National Development” in Bauchi, harped on the urgent need for diversifying Nigeria’s revenue base to ensure fiscal independence and economic resilience.
Shehu noted that Nigeria’s reliance on oil revenue, coupled with global price volatility and rising debt burdens, had brought to the fore the fiscal need for sustainable alternatives.
According to him, boosting domestic revenue provides a predictable foundation for national planning and reduces reliance on external borrowing.
He identified taxation, non-tax revenues, state-owned enterprises, and the non-oil sector as pivotal sources of domestic revenue, while highlighting the significance of enhancing efficiency in tax administration and broadening the tax base by integrating the informal sector into the economy.
The RMAFC chairman further called for the development of solid minerals, agriculture, technology, and tourism. He pointed out the potentials of the untapped non-oil sector to boost employment and attract foreign investments while also contributing significantly to the nation’s revenue.
In his concluding remarks, Shehu recommended diversifying revenue sources, strengthening tax systems, and promoting transparency and accountability. He also stressed the need to invest in renewable energy, education, and infrastructure to foster long-term growth.
He said, “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.” He added.
The National Council on Finance and Economic Development (NACOFED) is a financial body primarily supervised by the Federal Ministry of Finance 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.
It is a forum where key stakeholders meet on a yearly basis to discuss and agree on crucial financial and economic issues affecting the country.
The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, Permanent Secretary, Federal Ministry of Finance, Lydia Jafiya, the Accountant General of the Federation, Mrs Oluwatoyin Shakirat Madein, Chairman Revenue Mobilisation Allocation and Fiscal Commission, Dr Mohammed Shehu, Commissioners of Finance and Accountant Generals from the 36 States of the Federation including the FCT were among the stakeholders that attended this year’s conference.
