Business
RMAFC Holds Strategic Retreat To Review Remuneration Packages For Political Office Holders
Joel AJAYI
In a significant move towards the implementation of one of its core mandates, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has commenced a strategic retreat in Kano aimed at harmonising reports in the bid to review the remuneration packages for political, public, and judicial office holders across the country.
Declaring the retreat open, the Chairman of the Remuneration and Monetisation Committee (RMAFC), Hon. Mohammed Kabeer Usman, who also serves as the Federal Commissioner representing Gombe State, underscored the importance of the assignment to the stability and growth of Nigeria’s governance structure
Hon. Usman reminded participants that the 1999 Constitution (as amended) empowers the Commission to determine appropriate remuneration for political, public, and judicial office holders at all levels. He noted that the Commission had earlier taken some steps towards the review of the remuneration package to reflect prevailing economic realities.
According to him, “The Commission carefully considered a wide range of perspectives, including memoranda from stakeholders, public hearings, and ministerial submissions, while also drawing from economic indicators and remuneration practices in other countries.”
He further explained that the review process was not only about figures but also about sustainability and affordability. “The Commission has equally analyzed the capacity of government to implement the review package, ensuring that recommendations remain fair, realistic, and sustainable,” he stated.
Speaking further, Hon. Usman disclosed that the Committee was directed to harmonise the earlier report and subsequent addendum into a single document so as to provide a clear and comprehensive framework for implementation.
He appealed to members to bring their diverse experience and knowledge to bear, stressing that the retreat must produce outcomes that are balanced and beneficial to all. “I implore everyone to contribute towards achieving the purpose of our gathering, given our varied knowledge and wealth of experience,” he said.
The retreat is expected to set a sustainable framework for political, public, and judicial office holders’ remuneration in line with the mandate of the Commission.
Present at the retreat are RMAFC Federal Commissioners: Hon. Adamu Fanda representing Kano state, Hon. Henry Nduka Awuregu, Hon. Aruviere Egharhevwa representing Delta state, Hon. Hassan Usman Mahmud representing Kaduna stat and Hon. Hauwa Umar Aliyu representing Jigawa state, Hon. (Prof.) Steve Davies Ugbah representing Benue state, Hon. Abdulazeez Idris King representing Kogi State, Hon. Aliyu A. Abdulkadir representing Nassarawa State; and Hon. Nathaniel Adojutelegan reprenting Ondo State.
The Secretary of the Committee, who is also the Director of Fiscal Efficiency in the Commission Dr. Tanimu Adamu Aliyu, FNIM. and other supporting staff were also in attendance.
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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