RMAFC stresses need for revenue generation from non-oil sector

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has stressed the need to generate more revenue from the non-oil sector to sustain the country’s economy.

This was contained in a statement issued on Wednesday by the RMAFC Chairman, Chief Elias Mbam, when the Chief Executive Officer of Nigeria Exchange Commodities, Mrs Zaheera Ari, visited him in Abuja.

The RMAFC boss said that the commission would collaborate with government agencies working towards enhancing revenue generation.

Mbam, who emphasised the need to diversify the country’s economy from an oil-based one, which according to him, capable of sustaining the economy, said that more efforts were needed to explore the potential in the non-oil sector.

“A typical example is that the solid mineral was not contributing to the federation account.

“But as a result of the sensitisation and advocacy and the collaboration between the commission and the ministry of mines and steel, they are now contributing reasonably.

“And we are saying that if proper things are done the non-oil revenue is capable of sustaining the economy of this country.

“In recent times, oil has not been contributing much to federation account and we are falling back to the non-oil sector which includes agriculture, tourism and solid minerals.

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“And, the commission will always be ready to work with any agency that is working towards enhancing revenue generation.

“In order words, we are willing, ready and capable of working with the Nigeria Commodity Exchange for the success of this initiative,’’ Mbam said.

The RMAFC said that a six man committee would be constituted from both agencies to produce a draft of Memorandum of Understanding (MoU) to serve as a working document to guide the duo in the collaboration.

“I think this is necessary and is in line with government’s policy on diversification,’’ Mbam said.

He added “we as a commission have a primary role to mobilise revenue to diversify and advice all tiers of government on fiscal efficiency.

“Before now we have gone round the six geo political zones of this country to carry out advocacy and sensitisation programme of all tiers of government on the need to diversify and also bring to their knowledge what exists around them that they are not using’’.

By Mayowa Oladeji…

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