The Investment Monitoring Committee (IMC) and staff of the Gas and Investment Department of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) have concluded a three-day capacity-building retreat focused on strengthening oversight and revenue tracking in Nigeria’s oil and gas sector.
The retreat, themed “Tracking of Revenue in the Oil and Gas Sector: Strengthening the Watchdog Role of RMAFC,” was held from Tuesday, December 9 to Friday, December 12. It brought together members of the IMC, federal commissioners, management staff of the Commission, and facilitators from the energy sector.
Speaking at the close of the programme, the Chairman of RMAFC, Mohammed Bello Shehu, described the retreat as timely, citing the Commission’s mandate under the Renewed Hope Agenda of President Bola Ahmed Tinubu. He noted that RMAFC is constitutionally empowered to mobilise revenues for the Federal Government, with the oil and gas sector accounting for more than 90 percent of federal revenues.
According to him, the dominance of oil and gas in Nigeria’s revenue profile underscores the importance of effective monitoring, accountability, and transparency, particularly through the work of the Investment Monitoring Committee.
Dr. Shehu urged participants to apply the insights gained during the retreat to enhance the Commission’s watchdog role and improve national revenue outcomes.
Also speaking, the Chairman of the Investment Monitoring Committee, Ekene Enefe, commended the leadership of the Commission, members of the Committee, federal commissioners, and the RMAFC Secretariat for their active participation and support. He described the retreat as impactful, noting that it broadened participants’ understanding of oil and gas revenue issues.
Chief Enefe highlighted engagements with experts from the Ghana Petroleum Commission as particularly valuable, saying they provided comparative insights that would strengthen RMAFC’s approach to revenue tracking and sector oversight.
The programme featured technical presentations, interactive sessions, and peer learning exchanges. At the conclusion of the retreat, certificates of participation were presented to all attendees.
The retreat was jointly organised by Charlton Business School and GOC Analytics Energy Ltd. Participants expressed confidence that the outcomes of the retreat would contribute to improved monitoring of oil and gas revenues and stronger institutional performance by RMAFC in line with Nigeria’s development priorities.
