{"id":23487,"date":"2024-11-25T10:22:23","date_gmt":"2024-11-25T10:22:23","guid":{"rendered":"https:\/\/techandbiz.com.ng\/tab-backup\/?p=23487"},"modified":"2024-11-25T10:23:36","modified_gmt":"2024-11-25T10:23:36","slug":"rmafc-chairman-calls-for-enhanced-domestic-revenue-mobilization-to-drive-national-development","status":"publish","type":"post","link":"https:\/\/techandbiz.com.ng\/tab-backup\/2024\/11\/25\/rmafc-chairman-calls-for-enhanced-domestic-revenue-mobilization-to-drive-national-development\/","title":{"rendered":"RMAFC Chairman Calls for Enhanced Domestic Revenue Mobilization to Drive National Development"},"content":{"rendered":"<p><strong>\u00a0<\/strong><\/p>\n<p>Dr. M.B. Shehu, OFR, Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), has emphasized the importance of robust domestic revenue mobilization as a cornerstone for Nigeria&#8217;s national development. Dr. Shehu made this assertion during his presentation at the 2024 National Council on Finance and Economic Development (NACOFED) conference held in Bauchi.<\/p>\n<p>Themed <em>\u201cFostering Economic Growth in Challenging Times: Strategies for Policies and Partnership for Fiscal Sustainability and National Development,\u201d<\/em> the conference brought together key stakeholders to explore strategies for navigating economic challenges.<\/p>\n<p>Dr. Shehu highlighted the urgent need to diversify Nigeria\u2019s revenue base, citing the nation\u2019s heavy reliance on oil revenue, vulnerability to global price fluctuations, and growing debt burden. He stated, <em>\u201cBoosting domestic revenue provides a predictable foundation for national planning and reduces reliance on external borrowing.\u201d<\/em><\/p>\n<p><strong>Key Revenue Sources and Recommendations<\/strong><br \/>\nDr. Shehu identified taxation, non-tax revenues, state-owned enterprises, and the non-oil sector as pivotal areas for enhancing domestic revenue. He stressed the importance of improving tax administration efficiency, broadening the tax base, and integrating the informal sector into the economy.<\/p>\n<p>He further urged investment in solid minerals, agriculture, technology, and tourism, noting their potential to boost employment, attract foreign investment, and significantly contribute to national revenue.<\/p>\n<p>To foster fiscal sustainability, Dr. Shehu recommended:<\/p>\n<ul>\n<li><strong>Revenue diversification:<\/strong> Expanding beyond oil dependency.<\/li>\n<li><strong>Strengthening tax systems:<\/strong> Enhancing collection mechanisms and compliance.<\/li>\n<li><strong>Promoting transparency and accountability:<\/strong> Ensuring public trust and effective use of funds.<\/li>\n<li><strong>Investing in renewable energy, education, and infrastructure:<\/strong> Establishing a foundation for long-term growth.<\/li>\n<\/ul>\n<p><strong>\u201cDomestic revenue mobilization is not just a financial necessity but a pathway to Nigeria\u2019s economic self-reliance,\u201d<\/strong> Dr. Shehu said. He added, <em>\u201cBy prioritizing inclusive growth and strategic investments, Nigeria can build a sustainable and resilient economy capable of meeting the aspirations of its people.\u201d<\/em><\/p>\n<p><strong>About NACOFED 2024<\/strong><br \/>\nThe National Council on Finance and Economic Development (NACOFED), overseen by the Federal Ministry of Finance, is a critical platform for coordinating economic policies and strategies across federal, state, and local governments. Hosted annually by a state government, the conference fosters collaboration among stakeholders to address pressing financial and economic issues.<\/p>\n<p>This year\u2019s event saw the participation of key figures, including the Honourable Minister of Finance and Coordinating Minister for the Economy, Wale Edun; Permanent Secretary of the Federal Ministry of Finance, Lydia Jafiya; Accountant General of the Federation, Mrs. Oluwatoyin Shakirat Madein; Dr. M.B. Shehu, Commissioners of Finance, and Accountant Generals from Nigeria&#8217;s 36 states and the FCT.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Dr. M.B. Shehu, OFR, Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), has emphasized the importance of robust domestic revenue mobilization as a cornerstone for Nigeria&#8217;s national development. Dr. Shehu made this assertion during his presentation at the 2024 National Council on Finance and Economic Development (NACOFED) conference held in Bauchi. Themed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23490,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[],"class_list":["post-23487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts\/23487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/comments?post=23487"}],"version-history":[{"count":0,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts\/23487\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/media\/23490"}],"wp:attachment":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/media?parent=23487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/categories?post=23487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/tags?post=23487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}