Business
RMAFC Hails President Tinubu’s Executive Order on Direct Remittance of Oil, Gas Revenues to Federation Account
Joel Ajayi
The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), M. B. Shehu, PhD, OFR, has commended His Excellency, President Bola Ahmed Tinubu, GCFR, for signing the Executive Order directing the direct remittance of oil and gas revenues to the Federation Account.
The Commission describes the Executive Order as a bold, constitutionally grounded, and fiscally transformative intervention aimed at restoring transparency, eliminating revenue leakages, and strengthening the revenue base of the three tiers of government.
The Executive Order, signed pursuant to Section 5 of the Constitution of the Federal Republic of Nigeria (as amended) and anchored on Section 44(3) of the Constitution, reinforces the constitutional principle that ownership, control, and derivative rights in all minerals, mineral oils, and natural gas in Nigeria are vested in the Government of the Federation for the collective benefit of the Nigerian people.
The Commission notes that before this Executive Order, several structural and legal provisions within the Petroleum Industry Act (PIA) created channels through which substantial Federation revenues were subject to multiple deductions, including management fees, frontier exploration allocations, and other layered charges.
These deductions significantly reduced net remittances to the Federation Account and constrained fiscal capacity across the federal, state, and local governments.
RMAFC wishes to state that the Commission has consistently advocated the review of statutory and regulatory provisions that create opportunities for revenue leakage, erosion, or retention outside the Federation Account, as evidenced by the recent Retreat held on 9th of February, 20226 in Enugu State. The Executive Order has now decisively addressed these structural concerns.
The Commission considers this reform timely and necessary, particularly in light of the pressing fiscal demands facing the nation, including security, infrastructure, education, healthcare, the energy transition, and economic stabilisation.
By freeing revenues previously subjected to layered deductions and fragmented oversight, the Executive Order enhances transparency, improves cash flow predictability, strengthens fiscal federalism, and restores the constitutional revenue rights of the Federal, State, and Local Governments.
The Chairman emphasised that this reform significantly enhances the Commission’s ability to discharge its constitutional mandate under Paragraph 32 of Part I of the Third Schedule to the Constitution, particularly in monitoring the accruals to and disbursement of revenue from the Federation Account.
“With this Executive Order, the constitutional architecture of revenue remittance is strengthened. It closes structural leakages, eliminates duplicative deductions, and ensures that revenues due to the Federation are remitted transparently. This directly supports the Commission’s oversight and monitoring responsibilities,” the Chairman stated.
RMAFC reiterates its full support for the Federal Government’s ongoing reforms aimed at strengthening public financial management, enhancing accountability, and repositioning Nigeria’s revenue system in line with global best practices.
The Commission remains committed to working collaboratively with all relevant institutions to ensure the effective implementation of this Executive Order and to safeguard the integrity of the Federation Account for the benefit of all Nigerians
Business
38 Years On, RMRDC Continues to Drive Industrial Growth and Sustainable Prosperity
Joel Ajayi
It was a grand celebration of resilience, innovation, and the advancement of industrial growth for generations to come, highlighting sustainable prosperity, nationwide industrial development, and future-focused progress, as the Raw Materials Research and Development Council (RMRDC) marked its 38th anniversary on Tuesday in Abuja. The event was themed “RMRDC @ 38 – Celebrating the Journey and Defining the Frontier.”
The occasion brought together staff, partners, and stakeholders who have contributed immensely to the Council’s achievements over nearly four decades. In his address, the Director General/CEO of RMRDC, Professor Nnanyelugo Ike-Muonso, reflected on the Council’s journey and its pivotal role in charting a sustainable future for Nigeria’s industrial sector.
“Our story began on February 10, 1988, in Lagos, not as a typical government agency, but as a strategic response to a national challenge,” Professor Ike-Muonso said. At the time, Nigeria’s industries were heavily dependent on imported raw materials—a vulnerability exposed by the global oil price crash of the mid-1980s.
“The Council’s establishment followed a landmark workshop organized by the Manufacturers Association of Nigeria (MAN), the Federal Ministry of Industries, and the Nigerian Institute of Social and Economic Research (NISER). This led to the 1983 conference “The Raw Materials Question” and the enactment of Decree No. 39 of December 17, 1987 (now RMRDC Act Cap R3 LFN). Since then, RMRDC has spearheaded initiatives in raw materials import substitution, backward integration, and industrial development.
“From its early days in Lagos to its headquarters in Maitama, Abuja, and offices across all 36 states, RMRDC has transformed the “raw materials question” into a driving force for industrial growth.
“The Council has evolved from resource mapping to pioneering technological breakthroughs, positioning itself as Nigeria’s central hub for industrial resource utilization.” he said.
Acknowledging the contributions of past leaders, staff, partners, and stakeholders, Professor Ike-Muonso emphasized: “As we celebrate 38 years of impactful service, we reaffirm our commitment to unlocking Nigeria’s raw materials potential, driving industrial growth, and securing a prosperous future for generations to come.”
Since assuming leadership in 2024, Professor Ike-Muonso has embarked on a bold reform agenda, including a bill to amend the RMRDC Act. The legislation mandates a minimum of 30% value addition to all raw materials before export and discourages imports of locally abundant materials. “We are choosing ‘Nigeria First’ and ending the era of exporting our prosperity,” he stated.
Technological advancement is at the heart of RMRDC’s transformation. The Council has fully digitalized its operations through an Enterprise Resource Planning (ERP) system and developed the National Raw Materials and Products Statistical Information System (NRMPSIS) to provide global access to technical and investment data on Nigerian raw materials. Specialized centers, including the Centre for Circularity and Repurposing and the Centre of Excellence in Nanotechnology, are driving innovation in resource recovery, advanced materials, and sustainable manufacturing.
RMRDC has invested heavily in capacity building, establishing a training school and partnering with universities to offer MSc and PhD programs in raw materials science. Forty-six commercializable technologies have been patented, and pilot plants in agro and mineral raw materials are operational, supporting industrial development and job creation.
The Council’s strategic roadmap for 2025–2034, developed with the African Development Bank, aims to achieve 30–95% value addition to raw materials and deliver 10,000 laboratory certifications. These initiatives are designed to reduce import dependence, improve industrial resilience, and diversify Nigeria’s economy.
Despite these achievements, challenges remain, including financing gaps for research and industrial innovation, skills mismatches, difficulties in implementing import substitution policies, ineffective tariff regimes, and insecurity.
RMRDC’s mandates remain central to Nigeria’s industrial strategy: developing policy guidelines for raw materials acquisition and utilization, advising the Federal Government on strategic implications, promoting efficient machinery and processes, conducting research, and publicizing data to encourage local sourcing.
In his anniversary lecture, former RMRDC Director General and current Vice-Chancellor of the African University of Science and Technology (AUST), Professor Azikiwe Peter Onwualu, praised the Council’s achievements and emphasized the importance of continued reforms. RMRDC is being repositioned to define Nigeria’s next industrial frontier—a knowledge and technology-driven, sustainable, and self-reliant industrial sector, with at least 30% local value addition to raw materials before export.
With a renewed focus on knowledge-driven, sustainable, and self-reliant industrial growth, RMRDC is positioning Nigeria to define the next frontier in industrialization where local raw materials drive value addition, large-scale industries source locally, and economic prosperity benefits all Nigerians.
-
Featured7 years agoLampard Names New Chelsea Manager
-
Featured6 years agoFG To Extends Lockdown In FCT, Lagos Ogun states For 7days
-
Featured6 years agoChildren Custody: Court Adjourns Mike Ezuruonye, Wife’s Case To April 7
-
Featured7 years agoNYSC Dismisses Report Of DG’s Plan To Islamize Benue Orientation Camp
-
Featured4 years agoTransfer Saga: How Mikel Obi Refused to compensate me After I Linked Him Worth $4m Deal In Kuwait SC – Okafor
-
Sports3 years ago
TINUBU LAMBAST DELE MOMODU
-
News1 year agoZulu to Super Eagles B team, President Tinubu is happy with you
-
Featured6 years ago
Board urges FG to establish one-stop rehabilitation centres in 6 geopolitical zones
