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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.
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PWA demands forensic audit of pipeline surveillance contract , says current contract monopolistic, violation of PIA
Cyril Ogar
A leading advocacy group in Nigeria under the aegis of People’s Wellbeing Association (PWA) has said that the current pipeline surveillance contract is a gross violation of the Petroleum Industrial Act (PIA), calling for a forensic audit of the contract from inception.
It should be recalled that the Nigerian National Petroleum Company Limited (NNPCL) awarded the pipeline surveillance contract to Tantita Security Services Nigeria Limited, led by Government Ekpemupolo (Tompolo), in August/September 2022.
The contract, valued at approximately ₦48 billion annually, aimed to curb oil theft in the Niger Delta.
The PWA’s Head of Communication Unit, Comrade Abba Abubakar said this in a statement in Abuja on Wednesday.
Abubakar who called for equitable distribution of the contract to host communities, said the present structure of the pipeline surveillance contract remained skewed, benefitting a few other than the major stakeholders.
“The current pipeline surveillance contract is a violation of the Petroleum Industry Act (PIA) with regards to the effective participation of host communities in protecting oil facilities located in their domain.
“The present arrangement where the pipeline security was entrusted in the hands of a few companies violates section 257 of the Petroleum Industry Act (PIA), which states that host communities must be directly involved in protecting oil facilities located in their ancestral lands,” he said.
Abubakar who reiterated calls for forensic audit of the contract, said Pipeline protection should involve indigenous stakeholders from the ethnic nations and communities where these facilities are located.
According to him, the present structure reflects an unhealthy concentration of opportunity and influence, leaving many oil-producing ethnic nations with little or no meaningful participation.
He said that the monopolistic arrangement of the pipeline security framework has instead created rancour, resentment thereby undermining unity in the Niger Delta region.
Abubakar vehemently condemned the contract of exclusion, saying that any system that excludes many of the host communities from pipeline protection undermines fairness and regional stability.
The PWA Communication Unit Head regretted that the federal government made a huge financial commitment in the area of pipeline surveillance over the years, yet the nation’s crude output is minimal compared to what it used to be.
Abubakar however called for a forensic audit of the ₦4 billion monthly pipeline surveillance contract, due to brazen instances of economic exclusion and calls for better regional distribution.
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