Maryam Aminu
The Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Dr. Muhammad Bello Shehu, has emphasized the importance of strengthening domestic revenue mobilization to drive Nigeria’s economic growth and reduce dependence on external borrowing.
Speaking at the 2024 National Council on Finance and Economic Development (NACOFED) conference, themed “Fostering Economic Growth in Challenging Times: Strategies for Policies and Partnership for Fiscal Sustainability and National Development,” Dr. Shehu highlighted the urgency of diversifying the nation’s revenue base to achieve fiscal sustainability.
“Boosting domestic revenue provides a predictable foundation for national planning and reduces reliance on external borrowing,” Dr. Shehu stated.
He underscored the risks of Nigeria’s heavy reliance on oil revenue, citing global price volatility and rising debt burdens as key challenges.
To address these issues, the RMAFC Chairman proposed actionable strategies, including optimizing tax administration, broadening the tax base by incorporating the informal sector, and leveraging non-oil sectors such as solid minerals, agriculture, technology, and tourism.
These sectors, he noted, hold immense potential for creating jobs, attracting foreign investments, and contributing significantly to national revenue.
Dr. Shehu also stressed the need for transparency, accountability, and strategic investments in renewable energy, education, and infrastructure. “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 conference, held in Bauchi, brought together key stakeholders, including the Honourable Minister of Finance and Coordinating Minister for the Economy, Wale Edun; Permanent Secretary of the Federal Ministry of Finance, Lydia Jafiya; Accountant General of the Federation, Mrs. Oluwatoyin Shakirat Madein; Commissioners of Finance; and Accountants General from the 36 states and the FCT.
NACOFED, a platform overseen by the Federal Ministry of Finance, facilitates collaboration among federal, state, and local governments to address pressing financial and economic issues and drive national development.
This year’s conference emphasized partnerships and innovative fiscal policies as crucial tools for navigating Nigeria’s economic challenges.
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