News

RMAFC Chairman Advocates Domestic Revenue Mobilization as Catalyst for National Development

Published

2 years 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.

Share on Facebook

Foreign news

Algeria’s Glorious Revolution: Embassy Marks 72nd Anniversary in Abuja

Published

2 days ago

November 12, 2026

The Gleamer

Joel Ajayi

The Embassy of Algeria in Nigeria has commemorated the 72nd anniversary of the country’s Glorious Revolution of November 1, 1954, with a reception in Abuja, highlighting Algeria’s liberation struggle and strengthening diplomatic relations with Nigeria.

The event, held on November 9, 2026, at Continental Suites Hotel, attracted prominent personalities, including the Speaker of the House of Representatives, Dr Tajudeen Abbas, members of the Federal Government, senior government officials, heads of diplomatic missions and other friends of Algeria.

Speaking at the reception, Algeria’s Ambassador to Nigeria, Hocine Mezoued, welcomed guests and paid tribute to the country’s freedom fighters who sacrificed their lives during the struggle for independence.

He described the November 1, 1954 revolution as the foundation of modern Algeria, noting that the sacrifices of the nation’s martyrs made it possible for the country to reclaim its sovereignty.

On Algeria’s development agenda, Mezoued said President Abdelmadjid Tebboune’s administration had continued to pursue economic reforms, diversification and national development under its New Algeria vision.

He noted that the country was recording progress in non-hydrocarbon exports, while improvements in the business environment had boosted investor confidence and attracted significant foreign investments.

On foreign policy, the ambassador reaffirmed Algeria’s commitment to non-interference, respect for national sovereignty, peaceful conflict resolution and the right of peoples to self-determination.

Addressing security challenges in the Sahel, he stressed that lasting peace could not be achieved through military measures alone, insisting that economic development, inclusive dialogue and peaceful resolution of disputes remained essential.

Turning to Nigeria-Algeria relations, Mezoued described the partnership as one founded on shared values and the commitment of both countries’ leaders to advancing African development.

He identified the Trans-Saharan Highway, Trans-Saharan Gas Pipeline and Trans-Saharan Fibre Optic Backbone as major strategic projects receiving attention from both countries.

The ambassador also disclosed that Algeria had continued to provide scholarships to Nigerian students to strengthen human capital development and capacity building.

He further announced that Air Algérie expanded its Nigerian operations on October 26, 2026, with the introduction of two weekly flights to Lagos, expressing confidence that the service would boost trade and tourism.

Looking ahead, Mezoued said 2027 would offer fresh opportunities to deepen bilateral cooperation, particularly through the fifth Joint High Bi-National Commission scheduled to hold in Abuja.

He expressed optimism that the meeting would provide an opportunity to assess existing partnerships, identify new areas of cooperation and move Nigeria-Algeria relations towards a more practical and results-driven phase.

Share on Facebook