The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called for a shift in Nigeria’s fiscal governance, urging policymakers to prioritise efficient resource allocation, transparency and accountability alongside revenue generation to achieve sustainable economic growth.
The commission made the call on Monday during a stakeholders’ strategic retreat organised in collaboration with the House of Representatives Committee on Finance in Lagos. The retreat, themed “Beyond Collection: Revenue Mobilisation for Economic Growth – Building Strategies for Efficient Resource Allocation,” focused on strengthening the country’s fiscal management framework.
Speaking on behalf of the Chairman of RMAFC, Dr Mohammed Bello Shehu, the Federal Commissioner representing Oyo State, Kolade Daniel Abimbola, said Nigeria must move beyond simply increasing revenue to ensuring that public resources are prudently managed and strategically invested.
According to him, although the country has recorded progress in expanding non-oil revenue through reforms, institutional strengthening and digitalisation, greater efforts are needed to improve compliance, eliminate leakages and enhance collaboration among government institutions.
“The conversation must now move beyond simply collecting revenue. Every naira mobilised must be efficiently allocated, prudently managed, transparently accounted for and strategically invested in sectors that stimulate economic growth, create jobs and improve the welfare of Nigerians,” Abimbola said.
He reiterated that RMAFC’s constitutional responsibilities include monitoring accruals into and disbursements from the Federation Account, reviewing the revenue allocation formula and advising government on fiscal efficiency.
Abimbola also advocated stronger collaboration among fiscal institutions, the National Assembly, state governments and the private sector, saying the adoption of technologies such as artificial intelligence, data analytics and digital monitoring systems would improve transparency, reduce leakages and support evidence-based fiscal decisions.
Chairman of the House of Representatives Committee on Finance, James Faleke, commended RMAFC for convening the retreat, describing it as consistent with President Bola Tinubu’s Renewed Hope Agenda.
