News
RMAFC Chairman Advocates Domestic Revenue Mobilization as Catalyst for National Development
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.
News
FRSC Disclaims Partnership With WACORPAI On ‘Peace Ambassador’ Number Plates
The Federal Road Safety Corps (FRSC) has strongly disassociated itself from any partnership with Wazobia Conflict Resolution and Peace Initiative (WACORPAI) regarding the issuance of ‘Peace Ambassador’ number plates.
The Corps, in a press statement issued on December 11, 2024, described WACORPAI’s claims of collaboration as “baseless and false.”
The Corps clarified that Federal Government number plates are exclusively issued to Ministries, Departments, and Agencies (MDAs) and not to private individuals or groups, irrespective of their affiliations. Consequently, the FRSC has reiterated that the production and usage of the so-called ‘Peace Ambassador’ number plates are illegal and unauthorized.
The Corps Marshal, Shehu Mohammed, emphasized the illegality of these number plates and warned that anyone found using them would face legal consequences. He also urged members of the public to immediately cease patronizing producers of these counterfeit plates.
“Members of WACORPAI and other users of these illegal number plates should remove them without delay to avoid arrest. Likewise, anyone intending to purchase them is advised to discontinue immediately,” the statement read.
The FRSC further reminded the public that the use of fake or unapproved number plates undermines national regulations on vehicle identification and road safety.
The press statement was signed by Olusegun Ogungbemide, Assistant Corps Marshal and Corps Public Education Officer, FRSC Headquarters, Abuja.
This announcement serves as a warning to individuals and organizations to adhere strictly to the FRSC’s guidelines on number plate issuance to avoid legal repercussions.
-
Featured5 years agoLampard Names New Chelsea Manager
-
Featured5 years agoFG To Extends Lockdown In FCT, Lagos Ogun states For 7days
-
Featured5 years agoNYSC Dismisses Report Of DG’s Plan To Islamize Benue Orientation Camp
-
Featured5 years agoChildren Custody: Court Adjourns Mike Ezuruonye, Wife’s Case To April 7
-
Featured3 years agoTransfer Saga: How Mikel Obi Refused to compensate me After I Linked Him Worth $4m Deal In Kuwait SC – Okafor
-
Sports2 years ago
TINUBU LAMBAST DELE MOMODU
-
Featured5 years ago
Board urges FG to establish one-stop rehabilitation centres in 6 geopolitical zones
-
News1 year agoJubilation In Kaduna As Tribunal Upholds Ekene Adam Winner Of Reps Election
