The Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), M.B. Shehu has called for a strategic approach to domestic revenue mobilization as a catalyst for Nigeria’s national development.
His comments came during his presentation at the 2024 edition of the National Council on Finance and Economic Development (NACOFED) conference held in Bauchi.
Themed “Fostering Economic Growth in Challenging Times: Strategies for Policies and Partnership for Fiscal Sustainability and National Development,” the conference brought together key stakeholders, including the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, and other top financial and economic leaders from across the country.
In his address, Dr Shehu emphasised the critical need for Nigeria to diversify its revenue base to ensure fiscal independence and enhance economic resilience.
He noted that the nation’s overreliance on oil revenue, compounded by global price fluctuations and mounting debt burdens, underscores the urgency of developing sustainable alternatives for revenue generation.
“Boosting domestic revenue provides a predictable foundation for national planning and reduces reliance on external borrowing,” Dr Shehu stated, urging the government to explore multiple sources of revenue.
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He identified taxation, non-tax revenues, state-owned enterprises, and the non-oil sector as key areas where Nigeria can harness financial resources.
The RMAFC Chairman also highlighted the importance of improving tax administration efficiency and expanding the tax base, especially by integrating the informal sector into the formal economy.
He further advocated for the development of untapped sectors such as solid minerals, agriculture, technology, and tourism. These sectors, he argued, hold the potential to generate employment, attract foreign investment, and significantly contribute to national revenue.
Dr Shehu recommended that Nigeria focus on diversifying its revenue streams, strengthening its tax systems, and promoting transparency and accountability in financial management.
He also stressed the importance of investing in renewable energy, education, and infrastructure to ensure long-term growth and prosperity.
“Domestic revenue mobilization is not just a financial necessity but a pathway to Nigeria’s economic self-reliance hehu. By prioritizing inclusive growth and strategic investments, Nigeria can build a sustainable and resilient economy capable of meeting the aspirations of its people”, he said.
The NACOFED conference serves as a critical forum for coordinating economic policies and strategies across all levels of government in Nigeria.
The event provides an opportunity for discussions on pivotal financial and economic issues affecting the country, to drive sustainable economic development.
This year’s conference was attended by notable figures, including the Permanent Secretary of the Federal Ministry of Finance, Lydia Jafiya, the Accountant General of the Federation, Mrs. Oluwatoyin Shakirat Madein, and Commissioners of Finance and Accountant Generals from all 36 states of Nigeria, as well as the Federal Capital Territory (FCT).
