Business
RMAFC Charges Stakeholders on the Implementation of Recommended Remuneration Packages
Joel Ajayi
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has reiterated the need to ensure adherence to constitutional provisions in implementing its recommended remuneration packages for political, public, and judicial office holders especially at the state and local government levels.
Speaking at a one-day workshop held at the Commission’s Headquarters today, Thursday, 27th February 2025, in Abuja, RMAFC Chairman, Dr. Mohammed Bello Shehu, OFR, emphasized that proper implementation of remuneration packages is crucial for ensuring good governance and reducing the cost of governance in Nigeria.
“The Commission had observed lapses in the implementation of its remuneration reports at the state and local government levels, as revealed in our 2019 pilot monitoring exercise. Many states have adopted the Commission’s recommendations without the required legislative action, thereby contravening constitutional provisions,” Dr. Shehu stated.
He further highlighted that the disregard for the prescribed remuneration package for elected councilors at the local government level remains a key concern. “Respect for the remuneration package at all levels of government will go a long way in promoting transparency and fiscal discipline in governance,” he added.
Earlier in his welcome address, the Federal Commissioner representing Gombe state in the Commission Hon. Mohammed Kabeer Usman, who is the Chairman of the Remuneration and Monetization Committee, underscored the importance of the workshop in addressing challenges in the implementation process.
“The determination of remuneration packages for political, public, and judicial office holders is one of the core functions of the Commission, as provided under the 1999 Constitution. This workshop serves as a platform to educate stakeholders and ensure compliance with constitutional requirements,” Hon. Usman stated.
He urged participants to actively engage in deliberations, emphasizing that the knowledge gained from the workshop should be applied to facilitate the proper execution of remuneration packages at the state and local government levels.
Also speaking, the representative of the Chairman of the Association of Local Governments in Nigeria (ALGON), Dr. Aminu Hassan, in his goodwill message, expressed optimism that the workshop would foster collaboration between state executives and legislatures.
“ALGON hopes that this workshop will go a long way in cementing a symbiotic relationship by the executives of their respective states and the legislatures, ensuring that we implement a single remuneration for executive political office holders,” he stated.
In her goodwill message, the Chairman of the Forum of Clerks of the Nigerian Legislature (FOCON), Barr. Rukayyatu Adamu Jalo expressed appreciation to the RMAFC Chairman for including FOCON in the workshop. She disclosed that it was the first time the forum was being recognized. Barr. Jalo acknowledged the value the workshop would add to its members.
Delivering the vote of thanks at the end of the opening ceremony, the Secretary to the Commission, Engr. Joseph Okechukwu Nwaze expressed gratitude to the Chairman for organising the workshop and commended the commissioners for their participation. He assured everyone that the workshop would provide valuable insights and practical takeaways to aid the effective implementation of remuneration packages.
The workshop brought together key stakeholders, including state executive representatives, state legislators, and local government officials, to address critical issues in the implementation of RMAFC’s remuneration recommendations.
Business
FG, Investonaire Academy Unveil National Programme to Equip 100,000 Youths with Financial Skills, Digital Wealth Tools
By Joel Ajayi
The Federal Government, in collaboration with Investonaire Academy, has unveiled a nationwide financial literacy and wealth-building programme targeting more than 100,000 young Nigerians. The initiative is designed to equip participants with practical skills in budgeting, saving, investing, asset building, and long-term financial planning, positioning them for sustainable prosperity in a rapidly evolving economy.
Launched on Tuesday in Abuja, the Honourable Minister of Youth Development, Comrade Ayodele Olawande, described financial literacy as a necessary survival tool for young people confronting today’s economic realities.
He noted that the initiative represents the foundation of a broader vision expected to extend beyond Nigeria to other African nations and global markets.
Reaffirming the Federal Government’s commitment to supporting over 4,000 corps members annually, the Minister said the programme will provide platforms, resources, and skills needed for both job creation and employability.
“The young people who understand money — how to save, invest, build assets, and manage risk — are the ones who will lead Nigeria into prosperity,” he said.
A major highlight of the launch was the expansion of the Nigeria Youth Academy, a digital platform offering mentorship, training, and startup support. According to the Minister, more than 200 startups will receive empowerment through the Academy’s e-app platform before the end of the year.
He stressed the need for deeper collaboration with private organisations, innovators, and youth-focused groups, noting that government alone cannot drive youth development. He further encouraged young Nigerians to embrace skills acquisition, innovation, and digital enterprise, saying these remain critical to reducing the desire for migration and increasing self-reliance.
Outlining the Ministry’s long-term commitments, Olawande emphasized three priorities: supporting youth innovation, equipping them with growth tools, and safeguarding millions of Nigerian youths under the Ministry’s mandate.
Speaking at the launch, Sebastien Sicre, Chief Operating Officer of Investonaire Academy, said the programme was crafted to revolutionize the way Nigerian youths learn and apply financial knowledge. He highlighted the Academy’s gamified Learning Management System (LMS), which offers interactive learning tools, community forums, and real-time mentorship to make financial education engaging and accessible.
Complementing the digital platform is a new 200-square-metre physical training centre in Abuja, opposite the NNPC Towers, where in-person workshops and mentorship sessions will take place.
The curriculum covers key global asset classes — including equities, commodities, forex, and indices — ensuring participants gain a broad understanding of financial markets.
Sicre added that with Federal Government backing, the programme seeks to unlock new opportunities, strengthen youth participation in the digital economy, and reward outstanding participants through a $1 million funding pool to support new and existing ventures.
International Programme Director of Investonaire Academy, Dr. Enefola Odiba, explained that the initiative aims to bridge long-standing gaps in financial education among Nigerian youths. While schools teach many subjects, he said, essential financial skills are often missing.
“Many people can earn money — earning money can be easy. The real challenge is retaining, managing, and growing that money,” he noted.
Referencing the Central Bank of Nigeria’s definition of financial literacy, Odiba stated that implementation remains a major national challenge. He said the initiative brings together government agencies, youth groups, academic institutions, and private-sector partners to translate strategy into measurable impact.
The programme’s curriculum covers budgeting, saving, investing, and financial planning — areas where many young people struggle. By offering practical training, real-world insights, and guided mentorship, the initiative aims to build a generation of financially empowered youth capable of driving innovation, entrepreneurship, and sustainable economic growth.
With this partnership, the Federal Government and Investonaire Academy share a common goal: to empower young Nigerians with the financial intelligence and digital tools needed to build wealth, grow businesses, and transform the nation’s economic future.
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