News

RMAFC Chairman Advocates Domestic Revenue Mobilization as Catalyst for National Development

Published

4 months ago

November 23, 2024

Joe Ajayi

The Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Dr. M.B. Shehu, OFR, has called for a robust approach to domestic revenue mobilisation to finance national development.

Dr. Shehu made the call while making his presentation at the just concluded 2024 edition of the National Council on Finance and Economic Development (NACOFED), with the theme, “Fostering Economic Growth in Challenging Times: Strategies for Policies and Partnership for Fiscal Sustainability and National Development” which took place in Bauchi. He emphasized the urgent need for diversifying Nigeria’s revenue base to ensure fiscal independence and economic resilience.

In a statement issued by the Head Information and Public Relations Units Maryam Umar Yusuf in Abuja noted that, Dr. Shehu noted that Nigeria’s reliance on oil revenue, coupled with global price volatility and rising debt burdens, has highlighted the need for sustainable alternatives. “Boosting domestic revenue provides a predictable foundation for national planning and reduces reliance on external borrowing,” he stated.

The Chairman identified taxation, non-tax revenues, state-owned enterprises, and the non-oil sector as pivotal sources of domestic revenue. He highlighted the significance of enhancing efficiency in tax administration and broadening the tax base by integrating the informal sector into the economy.Dr. Shehu further called for the development of solid minerals, agriculture, technology, and tourism. He pointed out the potentials of these untapped non oil sector to boost employment and attract foreign investments while also contributing significantly to the nation’s revenue.

In conclusion, Dr. Shehu recommended diversifying revenue sources, strengthening tax systems, and promoting transparency and accountability. He also stressed the need to invest in renewable energy, education, and infrastructure to foster long-term growth.
He said, “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 National Council on Finance and Economic Development (NACOFED) is a financial body primarily overseen by the Federal Ministry of Finance, that serves as a platform for coordinating economic policies and strategies across all tiers of government (federal, state, and local) to drive national economic development. it is a forum where key stakeholders discuss and agree on crucial financial and economic issues affecting the country. The NACOFED Conference held annually is usually hosted by a State Government.

The Honourable Minister of Finance and Coordinating Minister for the Economy, Wale Edun, Permanent Secretary, Federal Ministry of Finance, Lydia Jafiya, the Accountant General of the Federation, Mrs Oluwatoyin Shakirat Madein, Chairman Revenue Mobilisation Allocation and Fiscal Commission, Dr M.B Shehu OFR, Commissioners of Finance and Accountant Generals from the 36 States of the Federation including the FCT were among the stakeholders that attended this year’s conference.

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Health

Ultimate Health HMO appoints 2 directors

Published

11 hours ago

March 19, 2025

The Gleamer

Ultimate Health Services (UHS), a Health Maintenance Organisation (HMO), has announced the appointment of Tosin Adefeko and Bolajoko Abiola-Odunowo as directors to its board to strengthen capacity and functionality.

The Managing Director/Chief Executive Officer of UHS, Mr Lekan Ewenla, made this known in a statement on Tuesday in Abuja.

Ewenla said that the appointments, made by the HMO’s Board of Directors and shareholders, were in line with global corporate governance and best practices.

He said that it was also a reflection of the organisation’s ongoing commitment to enhancing diversity and empowering women in leadership positions within the organised private sector.

“The appointments of Adefeko and Abiola-Odunowo are in-line with the organisation’s commitment to promoting gender inclusivity.

“It is also in accordance with the global agenda for gender inclusiveness in the corporate world and political appointments,” he said.

Ewenla added that the appointments were intentionally done to enhance the organisation’s growth focusing on private and informal sectors, various groups and associations in the country.

He said that enrolment into the health insurance programme is now mandatory for all Nigerians and legal residents.

Ewenla described Adefeko as a corporate executive and entrepreneur with over 25 years of experience.

“She has successfully led businesses and delivered impressive results in the financial services, print and broadcast media, marketing and communication industries.

“Adefeko is passionate about gender inclusion, equity, and female empowerment.

“She is an active member of Women in Managing Business; has served in several committees and chaired the communications committee for the annual conferences for three years,” he said.

The managing director equally described Abiola-Odunowo as a distinguished business executive with a multi-faceted career spanning over three decades in finance, law, and logistics.

He said that she would bring a unique combination of financial and legal expertise, and strategic business development into the board of Ultimate Health HMO.

“Abiola-Odunowo has vast experience in treasury management and financial analysis, with a strong understanding of financial operations and risk management.

“She has expertise in oil and gas, real estate, and environmental law, with a special focus on regulatory compliance and legal frameworks within complex industries,” Ewenla added.

NAN

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