By Faith Anisiobi, The Sight News
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has called for a shift in Nigeria’s fiscal governance, urging policymakers to focus not only on revenue generation but also on efficient resource allocation, transparency and accountability to achieve sustainable economic growth.
The call was made on Monday at a stakeholders’ strategic retreat organized by the Commission in collaboration with the House of Representatives Committee on Finance at the Sheraton Hotel in Ikeja, Lagos. The retreat, themed “Beyond Collection: Revenue Mobilization for Economic Growth – Building Strategies for Efficient Resource Allocation,” brought together key stakeholders to discuss strategies for strengthening Nigeria’s fiscal management.
Speaking on behalf of the Chairman of RMAFC, Dr. Mohammed Bello Shehu, Federal Commissioner representing Oyo State, Hon. Kolade Daniel Abimbola, said the retreat provided an opportunity to review Nigeria’s fiscal landscape and develop practical solutions to improve domestic revenue mobilization and resource allocation across all levels of government.
Abimbola acknowledged progress in expanding non-oil revenue through reforms, institutional strengthening and digitization but stressed the need for improved compliance, elimination of revenue leakages and stronger collaboration among relevant institutions.
He noted that sustainable national development depends not only on generating more revenue but also on ensuring that public funds are prudently managed and strategically invested in sectors that create jobs, stimulate economic growth and improve citizens’ welfare.
“The conversation must now move beyond simply collecting revenue. Every naira mobilized must be efficiently allocated, prudently managed, transparently accounted for and strategically invested in sectors that stimulate economic growth and improve the welfare of Nigerians,” he said.
The Commissioner reaffirmed the Commission’s constitutional mandate to monitor accruals into and disbursements from the Federation Account, review the Revenue Allocation Formula and advise government on fiscal efficiency. He added that the adoption of emerging technologies such as Artificial Intelligence, data analytics and digital monitoring systems would enhance transparency, reduce leakages and strengthen evidence-based fiscal decision-making.
Chairman of the House of Representatives Committee on Finance, Hon. James Abiodun Faleke, commended RMAFC for organising the retreat, describing it as consistent with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Faleke stressed that increased revenue would only translate into meaningful development when accompanied by prudent allocation, effective oversight and fiscal discipline.
“Revenue, on its own, does not build roads, equip hospitals or improve the lives of our people. It is prudent allocation, effective oversight and fiscal discipline that transform public resources into tangible development outcomes,” he said, urging participants to produce recommendations that would strengthen legislative oversight and improve fiscal management.
Speaking with journalists on the sidelines of the event, Abimbola disclosed that RMAFC is developing a real-time digital revenue monitoring dashboard to improve oversight of revenue collections by government agencies. According to him, the initiative is expected to boost transparency, reduce leakages, strengthen remittance monitoring and support more effective fiscal decision-making.
Also speaking, Federal Commissioner representing Abia State, Hon. Linda Nkechi Oti, described the retreat as timely and called for collaborative efforts to develop practical recommendations capable of strengthening Nigeria’s fiscal governance and economic development.
The retreat featured technical sessions and panel discussions on domestic revenue mobilization, efficient resource allocation, fiscal sustainability and the use of technology to improve transparency and accountability in public financial management.
Other RMAFC Federal Commissioners in attendance included Amb. Desmond Akawor (Rivers), Hon. Hadizatu Uwani Mustapha (Borno), Hon. Bello Abubakar Wamakko (Sokoto) and Prof. Steve Ugba (Benue).
According to the Commission, the retreat is expected to produce actionable recommendations that will strengthen Nigeria’s revenue mobilization framework, improve fiscal discipline and promote sustainable economic growth.
