Business
RMAFC Boss Vows to Reposition Commission for Greater Efficiency
Joel Ajayi
The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu, OFR, has reiterated his commitment to repositioning the Commission for greater efficiency in fulfilling its mandate.
He made this known in a keynote address delivered at the opening ceremony of a retreat organised for members of the Central Bank Monitoring Committee (CBMC), held in Kano from Wednesday, 17th to Friday, 19th September 2025. Dr. Shehu was represented at the event by the Committee Chairman and Honourable Commissioner representing Ebonyi State, Engr. Nduka Henry Awuregu.
Dr. Shehu explained that the retreat was convened in line with the new monitoring responsibilities conferred on the Commission under the RMAFC Act, 2025. He recalled that the CBMC was established in February 2021 to put in place processes for closely monitoring revenue inflows to, and disbursements from, the Federation Account domiciled with the Central Bank of Nigeria (CBN). The initiative, he said, was informed by numerous briefs, reports, and memoranda that highlighted the persistent underperformance of revenue projections in annual budgets, resulting in growing fiscal deficits across all levels of government.
The RMAFC Chairman urged members of the Committee to discharge their duties with diligence and professionalism, assuring them of his leadership’s support in tackling emerging challenges. He stressed the importance of a strong working relationship between the Commission and the CBN, noting that the Bank remains a critical partner in the effective monitoring of Federation Account revenues and disbursements.
“With the new Act, all hands must be on deck to ensure the successful repositioning of the Commission to discharge its functions with utmost professionalism,” Dr. Shehu stated, while calling on members to actively engage in all sessions of the retreat.
In his welcome address, the Committee Chairman—represented by his Vice Chairman, Professor Steve Ugba—explained that the retreat was designed to evaluate and improve the effectiveness of the Committee’s oversight role, strengthen inter-agency collaboration, and deliberate on key issues central to fiscal transparency and national economic planning.
Also speaking, the Secretary to the Commission described the retreat as both timely and significant, adding that it would provide the Committee members with the opportunity to critically review their activities, identify areas of strength and weakness, and streamline their operations towards more effective delivery of their mandate.
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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