The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called for a shift in Nigeria’s fiscal governance from an overreliance on revenue generation to efficient resource allocation, transparency and accountability as key drivers of sustainable economic growth and national development.
The call was made at a stakeholders’ strategic retreat organised by the Commission in collaboration with the House of Representatives Committee on Finance in Lagos.
Speaking on behalf of the Chairman of the Commission, Dr. Mohammed Bello Shehu, the Federal Commissioner representing Oyo State, Hon. Kolade Daniel Abimbola, said the retreat provided an opportunity to review Nigeria’s evolving fiscal landscape and develop practical strategies to strengthen domestic revenue mobilisation and improve resource allocation across all tiers of government.
Hon. Abimbola acknowledged the progress made in expanding non-oil revenue through reforms, institutional strengthening and digitisation but stressed that greater efforts were needed to improve compliance, eliminate revenue leakages and deepen collaboration among relevant institutions.
He maintained that sustainable development depends not only on increasing government revenue but also on ensuring that public resources are efficiently managed and invested in sectors that promote economic growth, create jobs and improve the welfare of citizens.
The Commissioner reaffirmed the constitutional mandate of the Commission to monitor accruals into and disbursements from the Federation Account, review the Revenue Allocation Formula and advise government on fiscal efficiency.
He noted that stronger collaboration among fiscal institutions, the legislature, sub-national governments and the private sector, supported by emerging technologies such as Artificial Intelligence, data analytics and digital monitoring systems, would enhance transparency, reduce leakages and strengthen evidence-based fiscal decision-making.
Also speaking, Chairman of the House of Representatives Committee on Finance, Hon. James Abiodun Faleke, commended the Commission for convening the retreat, describing the initiative as consistent with the Federal Government’s Renewed Hope Agenda.
Hon. Faleke said increased revenue would only translate into meaningful development when accompanied by prudent allocation, effective oversight and fiscal discipline.
He urged participants to come up with practical recommendations that would strengthen legislative oversight, improve fiscal management and ensure that public resources deliver tangible benefits to Nigerians.
Speaking with journalists on the sidelines of the retreat, Hon. Abimbola disclosed that the Commission was advancing plans to deploy a real-time digital revenue monitoring dashboard to strengthen oversight of revenue collections across government revenue-generating agencies.
According to him, the initiative will improve transparency, reduce leakages, enhance remittance monitoring and support more effective fiscal decision-making, while ensuring increased public revenues translate into improved infrastructure and better social services.
In a goodwill message, the Federal Commissioner representing Abia State, Hon. Linda Nkechi Oti, described the retreat as timely and urged participants to work collaboratively towards strengthening Nigeria’s fiscal governance framework.
The retreat featured technical sessions and panel discussions on domestic revenue mobilisation, efficient resource allocation, fiscal sustainability and the application of technology to improve transparency and accountability in public financial management.
Participants are expected to produce actionable recommendations aimed at strengthening Nigeria’s revenue mobilisation framework, improving fiscal discipline and supporting sustainable economic growth.