RMAFC Calls for Stronger Fiscal Discipline, Efficient Resource Allocation to Drive Nigeria’s Economic Growth
RMAFC Calls for Stronger Fiscal Discipline, Efficient Resource Allocation to Drive Nigeria’s Economic Growth
RMAFC Calls for Stronger Fiscal Discipline, Efficient Resource Allocation to Drive Nigeria’s Economic Growth
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called for a major shift in Nigeria’s fiscal governance, urging policymakers to move beyond revenue generation and focus on efficient resource allocation, transparency and accountability to accelerate sustainable economic growth and national development.
The call was made during a Stakeholders Strategic Retreat organised by the Commission in collaboration with the House of Representatives Committee on Finance at the Sheraton Hotel, Ikeja, Lagos. The retreat was themed: “Beyond Collection: Revenue Mobilisation for Economic Growth – Building Strategies for Efficient Resource Allocation.”
Delivering the opening address on behalf of the Chairman of the Commission, Dr. Mohammed Bello Shehu, OFR, the Federal Commissioner representing Oyo State, Hon. Kolade Daniel Abimbola, described the gathering as a strategic platform for reviewing Nigeria’s fiscal landscape and developing practical solutions to strengthen domestic revenue mobilisation and improve resource allocation across all tiers of government.
He acknowledged that Nigeria has made notable progress in expanding non-oil revenue through reforms, institutional strengthening and digital innovations but stressed that more efforts are needed to improve compliance, eliminate leakages and deepen collaboration among fiscal institutions.
According to him, generating more revenue alone is not enough, as sustainable development depends on how effectively public resources are managed and invested.
“The conversation must now move beyond simply collecting revenue. Every naira mobilised must be efficiently allocated, prudently managed, transparently accounted for and strategically invested in sectors that stimulate economic growth, create jobs and improve the welfare of Nigerians. That is the pathway to sustainable national development,” he said.
Hon. Abimbola reaffirmed RMAFC’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 stronger collaboration among government institutions, the legislature, state governments and the private sector, supported by emerging technologies such as Artificial Intelligence, data analytics and digital monitoring systems, would significantly improve transparency, reduce revenue leakages and strengthen evidence-based fiscal decision-making.
Speaking at the event, the Chairman of the House of Representatives Committee on Finance, Hon. James Abiodun Faleke, commended the Commission for organising the retreat, noting that the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
He emphasised that increased government revenue can only deliver meaningful development when accompanied by prudent allocation, effective oversight and sound 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,” Faleke stated.
He urged stakeholders to produce practical recommendations that would strengthen legislative oversight, improve fiscal management and ensure that public funds deliver measurable benefits to Nigerians.
On the sidelines of the retreat, Hon. Abimbola disclosed that the Commission is advancing plans to deploy a real-time digital revenue monitoring dashboard to enhance oversight of revenue collections by government agencies.
He explained that the digital platform would improve transparency, reduce leakages, strengthen remittance monitoring and support more informed fiscal decision-making while ensuring that increased public revenue translates into improved infrastructure and better social services.
In her goodwill message, the Federal Commissioner representing Abia State, Hon. Linda Nkechi Oti, described the retreat as timely and encouraged participants to work collectively towards practical reforms capable of strengthening Nigeria’s fiscal governance and economic development.
The retreat featured technical sessions and panel discussions on domestic revenue mobilisation, fiscal sustainability, efficient resource allocation and the use of technology to improve transparency and accountability in public financial management.
Federal Commissioners in attendance included Amb. Desmond Akawor (Rivers State), Hon. Hadizatu Uwani Mustapha (Borno State), Hon. Bello Abubakar Wamakko (Sokoto State), Prof. Steve Ugba (Benue State), Hon. Kolade Daniel Abimbola (Oyo State), and Hon. Linda Nkechi Oti (Abia State).
The Commission expressed optimism that the retreat would produce actionable recommendations to strengthen Nigeria’s revenue mobilisation framework, improve fiscal discipline, enhance resource allocation and support long-term economic growth and national development.
RMAFC Calls for Stronger Fiscal Discipline, Efficient Resource Allocation to Drive Nigeria’s Economic Growth
