Business
RMAFC Charges Stakeholders on the Implementation of Recommended Remuneration Packages

Joel Ajayi
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has reiterated the need to ensure adherence to constitutional provisions in implementing its recommended remuneration packages for political, public, and judicial office holders especially at the state and local government levels.
Speaking at a one-day workshop held at the Commission’s Headquarters today, Thursday, 27th February 2025, in Abuja, RMAFC Chairman, Dr. Mohammed Bello Shehu, OFR, emphasized that proper implementation of remuneration packages is crucial for ensuring good governance and reducing the cost of governance in Nigeria.
“The Commission had observed lapses in the implementation of its remuneration reports at the state and local government levels, as revealed in our 2019 pilot monitoring exercise. Many states have adopted the Commission’s recommendations without the required legislative action, thereby contravening constitutional provisions,” Dr. Shehu stated.
He further highlighted that the disregard for the prescribed remuneration package for elected councilors at the local government level remains a key concern. “Respect for the remuneration package at all levels of government will go a long way in promoting transparency and fiscal discipline in governance,” he added.
Earlier in his welcome address, the Federal Commissioner representing Gombe state in the Commission Hon. Mohammed Kabeer Usman, who is the Chairman of the Remuneration and Monetization Committee, underscored the importance of the workshop in addressing challenges in the implementation process.
“The determination of remuneration packages for political, public, and judicial office holders is one of the core functions of the Commission, as provided under the 1999 Constitution. This workshop serves as a platform to educate stakeholders and ensure compliance with constitutional requirements,” Hon. Usman stated.
He urged participants to actively engage in deliberations, emphasizing that the knowledge gained from the workshop should be applied to facilitate the proper execution of remuneration packages at the state and local government levels.
Also speaking, the representative of the Chairman of the Association of Local Governments in Nigeria (ALGON), Dr. Aminu Hassan, in his goodwill message, expressed optimism that the workshop would foster collaboration between state executives and legislatures.
“ALGON hopes that this workshop will go a long way in cementing a symbiotic relationship by the executives of their respective states and the legislatures, ensuring that we implement a single remuneration for executive political office holders,” he stated.
In her goodwill message, the Chairman of the Forum of Clerks of the Nigerian Legislature (FOCON), Barr. Rukayyatu Adamu Jalo expressed appreciation to the RMAFC Chairman for including FOCON in the workshop. She disclosed that it was the first time the forum was being recognized. Barr. Jalo acknowledged the value the workshop would add to its members.
Delivering the vote of thanks at the end of the opening ceremony, the Secretary to the Commission, Engr. Joseph Okechukwu Nwaze expressed gratitude to the Chairman for organising the workshop and commended the commissioners for their participation. He assured everyone that the workshop would provide valuable insights and practical takeaways to aid the effective implementation of remuneration packages.
The workshop brought together key stakeholders, including state executive representatives, state legislators, and local government officials, to address critical issues in the implementation of RMAFC’s remuneration recommendations.
Business
NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit

By Joel Ajayi
The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.
For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.
Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).
The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.
According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.
Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.
Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.
With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.
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