The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) is nearing completion of a new revenue allocation formula for all government tiers, according to Chairman Dr.Mohammed Shehu.
Speaking at a retreat for new commissioners in Uyo, Shehu revealed that the commission is also developing a revised remuneration package for political and public office holders.
The RMAFC helmsman said that the commission stood at the threshold of a new era pegged in innovation, diligence, and creativity. He added that the RMAFC was establishing collaborations that would drive economic growth and progress in the country.
According to him, the traditional sources of revenue mobilization have become insufficient to meet the nation’s evolving needs. “Traditional sources and methods of revenue generation are no longer in vogue; they have become insufficient to meet our nation’s evolving needs.
“Therefore, we must think innovatively and collaboratively to unlock new opportunities for the economic growth and development of our beloved country,” Shehu said.
The RMAFC chairman also said that there was a need for a strategic, technology-driven approach to revenue mobilization. “Effective collection, accountability, and proper utilization of revenues are essential for national development.
“Optimizing revenue sources is not just a necessity but a responsibility that must be shared by all stakeholders,” he said.
He urged the new commissioners to be part of the new chapter being written in the nation’s fiscal policies. “The determination must be collective. As stakeholders, we have to work together to optimize revenue collection and utilization,” he said.
WHAT YOU SHOULD KNOW
The RMAFC’s announcement signals a transformative moment in Nigeria’s fiscal policy framework.
By prioritizing a new revenue allocation formula, revising remuneration packages, and advocating for innovative revenue mobilization, the commission is addressing some of the country’s most pressing economic challenges.
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