The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) says it was committed to initiatives to modernize Nigeria’s revenue generation in collaboration with the National Space Research and Development Agency (NASDRA) and other key stakeholders to grow the country’s economy.
The Chairman of the Commission, Dr. Muhammed Bello Shehu, stated this on Thursday in during the launching of the implementation of the Presidential initiative on revenue optimisation and digitalisation via space technology.
The Chairman recalled President Bola Ahmed Tinubu’s inaugural speech, which emphasized the importance of economic recovery through enhanced revenue generation, primarily through the discovery of new revenue streams.
He said the Renewed Hope Agenda of the present administration can only be realized through the implementation of efficient revenue generation methods, with the creation of new revenue streams through the use of modern technology.
“We stand at the threshold of a new era, where innovation, creativity and collaboration drive economic growth and progress. It is indeed not an overstatement to say that the traditional sources and methods of revenue generation, apart from the fact that they are no more in vogue, are, most importantly, not sufficient to meet the evolving needs of our great Nation,” Shehu said.
“Therefore, as key stakeholders, we must think innovatively and collaboratively to unlock new opportunities for economic growth and development in the interest of our beloved country,” he added.
The Chairman stressed the need for a strategic, technology-driven approach to revenue mobilization through collaboration with technology agencies, pointing out that effective collection, accountability, and proper utilization of revenues are essential for national development.
He argued that optimizing revenue sources was not just a necessity, but a responsibility that must be shared by all stakeholders.
“We are at the verge of writing a new chapter in Nigeria’s leadership. The collective determination of stakeholders here today is key to optimizing revenue collection and utilization. This is a task that must be achieved for our dear country.” He said.
The Director General of NASDRA, Dr. Matthew Olumide Adepoju, highlighted the potentials of space technology in revenue mobilization, noting that with artificial intelligence (AI), robotics, and space innovation, Nigeria could generate up to $50 billion annually, while also strengthening national security.
The federal commissioner representing Bauchi State in the Commission and Ag. Chairman of the Mobilization and Diversification Committee, Engr. Muhammed Sani Baba, acknowledged the importance of the initiative and called for the support of all stakeholders to ensure its successful implementation.
Baba disclosed that the occasion was organised as a step towards the implementation of Mr President’s directive that the generation, collection and subsequent utilization of revenue should be modernized for the growth of the country and its exciting future.
A technical session featured a NASDRA-led presentation on leveraging space science and technology to block revenue leakages and create new revenue streams.
