Business

RMAFC Plays A Pivotal Role In Nigeria’s Economic Governance- Chairman

Published

8 months ago

February 25, 2025

Joel Ajayi

The Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu, OFR, has emphasised that the RMAFC plays a pivotal role in Nigeria’s economic governance. The Chairman stated this during the visit of the Secretary to the Government of the Federation (SGF), Sen. George Akume, CON, to the Commission Headquarters in Abuja Today, 25th February 2025.

In a statement issued on Tuesday in Abuja, by the Head, Information and Public Relations Unit, RMAFC Maryam Umar Yusuf reveal that, during the occassion, which also served as the inaugural plenary meeting of the recently sworn-in Federal Commissioners, Dr. Shehu observed that the visit underscores the importance of RMAFC’s mandate in fostering fiscal efficiency and equitable revenue distribution.

“This occasion provides a unique opportunity for direct engagement between the Commission and the highest coordinating office of the Federal Government. As a constitutional body, RMAFC plays a pivotal role in Nigeria’s economic governance by ensuring fair and transparent revenue allocation among the three tiers of government,” he stated.

He reaffirmed the Commission’s commitment to supporting the Renewed Hope Agenda of President Bola Ahmed Tinubu, emphasizing the need for strategic frameworks to enhance revenue generation and fiscal sustainability.

In his address, the SGF eulogised Dr. Shehu for the transformative steps he had taken since he assumed the position of the Chairman of the Commission while congratulating the newly inaugurated Commissioners on their appointments. He added that their selection was based on integrity, competence and proven track records in the service to the nation. Senator Akume urged them to work assiduously to meet the yearnings of Nigerians.

The SGF acknowledged the significant role that the Commisdion plays in the country’s fiscal and economic governance. He noted that the duties of RMAFC impacts directly on the financial stability of the federal, state and local governments.

Senator Akume gave the assurance that the Tinubu administration was committed to transformative fiscal reforms to foster development and therefore stressed the need to expand revenue sources, curb leakages and ensure that every naira due to the Federation Account is accounted for.

He said, “The Tinubu administration is committed to implementing bold fiscal reforms, diversifying revenue sources, and enhancing economic policies to reposition Nigeria for sustainable growth. The removal of fuel subsidies, exchange rate unification, and ongoing tax reforms are critical steps toward fiscal stability. However, these policies will only succeed if institutions like RMAFC execute their mandates effectively.”

He further charged the Commission to strengthen revenue monitoring, ensure compliance by revenue-generating agencies, prioritize non-oil revenue mobilization, fast-track the review of the revenue allocation formula, align its strategies with the administration’s economic transformation agenda, and collaborate with key stakeholders, including the National Assembly, Ministry of Finance, and other relevant agencies.

“The nation expects results, and I am confident that this team will fulfill its responsibilities with diligence and excellence. Your work will shape the financial future of Nigeria, and together, we will build a stronger and more self-sufficient economy,” the SGF added.

Hon. Ismail Mohammed Agaka, Federal Commissioner representing Kwara State, who gave the vote of thanks, commended the SGF for the visit while giving the assurance that the Commission remained committed to delivering on its mandate.

“This visit has reinforced the synergy between RMAFC and the Presidency. We assure you of our unwavering commitment to national development and alignment with the administration’s policy direction,” he stated.

He further said, “This event marked a significant step in the Commission’s engagement with the presidency, reinforcing the administration’s focus on fiscal accountability, revenue growth, and national economic transformation.”

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Business

TAJBank Emerges Nigeria’s Biggest Non-Interest Bank

Published

2 weeks ago

October 23, 2025

The Gleamer

Cyril Ogar

After five years of operations in Nigeria’s rapidly evolving non-interest banking (NIB) space, TAJBank Limited has become the biggest player in the NIB subsector based on its total assets and gross earnings values.

Disclosing this during his paper presentation on the key performance indices in the non-interest banking space over the past few years at a seminar organized by Leaders Corporate Services with the theme “Roles of Non-Interest Banks In SMEs’ Financing” for SME entrepreneurs yesterday in Abuja, an investment expert, Mr. Olabode Akeredolu-Ale, maintained that based on the non-interest banks’ approved financial statements for the half year 2025, TAJBank currently remained the biggest in terms of its total assets.

The expert, a chartered stockbroker, specifically confirmed that his recent investment researches on the NIBs and their financial performances showed that TAJBank, with its total assets rising to N1.017 trillion in half year 2025 up from N953.098 billion as of December 2024, which is about N53 billion higher than the nearest NIB’s assets, now ranked top in the banking subsector.

According to him, TAJBank’s gross earnings for H1 2025 also surged to N53.752 billion from N32.86 billion as of December 2024, representing a 64% growth, and higher than the nearest NIB’s gross earnings in the period under review.

This is even as he disclosed that on the NIBs’ earnings per share during the half year, TAJBank reported N61.36 kobo earnings per share, about 92% higher than the earnings per share of the next NIB during the period.

Akeredolu-Ale, who is also a chartered accountant, clarified: “The figures I am reeling out here on the NIBs are sourced from the banking and capital market regulatory institutions’ platforms, which anyone can access to verify.

“I am part of this event because of my research interest in non-interest banking and how the players in the subsector in Nigeria can help to leverage their competencies in innovation and ethical banking to support our MSMEs.

“Today, the MSMEs cannot access DMBs’ loans due to high lending rates and other inclement macroeconomic factors. This is where I think the NIBs have become very crucial to Nigeria’s economic growth.

“Overall, my findings on the NIBs indicated that they are all trying their best with non-interest loans to support entrepreneurs, particularly the MSMEs owners. I have advised those of them at this seminar to explore the cost-friendly financing options of the NIBs to grow their businesses by opening accounts with the NIBs”, the expert added.

Another speaker at the event, Benjamin Chukwudi, also commended the NIBs for their “catalytic roles in helping SMEs to access interest-free loans and providing them the needed financial management advisory, which have been helping them in sustaining their operations in the face of rising cost of doing business in the country.”

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