Maryam Aminu
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has reaffirmed its commitment to identifying new avenues for revenue generation to support Nigeria’s development under President Bola Tinubu’s administration.
This announcement was made by RMAFC Chairman, Muhammed Bello Shehu, OFR, during a meeting with the National Space Research and Development Agency (NASRDA).
Shehu, represented by Engineer Muhammed Sanni Baba, Honourable Member representing Bauchi State in the Commission, made this statement during a visit by a delegation from the National Space Research and Development Agency (NASRDA).
The delegation, led by Dr. Abayomi Taofik Alaga, Director of Mission Planning and Satellite Data Management, was at the Commission to provide insights on exploring new revenue lines for the Federation.
The Chairman disclosed that NASRDA had been invited by the Commission to present strategies for optimising potential revenue streams into the Federation Account. This aligns with the core mandate of the Commission: to identify, mobilise, monitor, and recommend alternative sources of revenue for sharing among the three tiers of government in Nigeria.
“We welcome the NASRDA delegation as they guide us through the operational details of their organisation and enlighten us on how we can better achieve our mandate,” he said.
The Chairman also revealed that the Commission plans to extend its collaboration beyond NASRDA to include the Nigerian Communications Satellite Limited (NIGCOMSAT).
He said the aim is to leverage optimised satellite operations to enhance the monitoring and evaluation of revenues accruing to the Federation Account.
Dr. Leke Oyewale, Managing Director of Milky-Way Visuals and a member of the NASRDA delegation, presented on the potential revenue streams from space technology through geospatial support.
He explained that initiatives such as satellite development, space-based services, and the commercialisation of space research could significantly boost revenue generation.
Dr. Oyewale highlighted various other revenue opportunities, including bunker levies in midstream operations, ocean meteorological services, satellite monitoring of pollution, recovery of spilled oil, cargo clearance platforms within ports, automation of revenue lines, and value addition to telecommunications services.
He estimated that these initiatives could generate over $45 billion annually in the first two years and potentially increase to $50 billion per annum with adequate harnessing.
He further noted that additional opportunities exist in the solid minerals and agricultural sectors. These sectors could generate around 4.5 billion naira annually from mining operations and up to 500 billion naira annually from digital agriculture.
Ambassador Ayuba Ngbako, Honourable Member representing the Federal Capital Territory (FCT) in the Commission, extended a vote of thanks, commending NASRDA and Milky-Way Visuals Limited for their presentations.
He reiterated the Commission’s commitment to incorporating satellite technology and encouraged the Board Members and staff to apply the knowledge gained to boost Nigeria’s economy.
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