RMAFC Seeks Efficient Resource Allocation to Boost Nigeria’s Economic Growth
Oru Leonard
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called for a fundamental shift in Nigeria’s fiscal governance, urging policymakers to focus not only on revenue generation but also on efficient resource allocation, transparency and accountability to drive sustainable economic growth.
The Commission made the call during a Stakeholders Strategic Retreat organised in collaboration with the House of Representatives Committee on Finance in Lagos. The retreat, themed “Beyond Collection: Revenue Mobilisation for Economic Growth – Building Strategies for Efficient Resource Allocation,” brought together key stakeholders to explore strategies for strengthening Nigeria’s fiscal management.
Speaking on behalf of RMAFC Chairman, Dr. Mohammed Bello Shehu, OFR, 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 solutions for improving domestic revenue mobilisation and resource allocation across all tiers of government.
Abimbola acknowledged the country’s progress in expanding non-oil revenue through reforms, institutional strengthening and digitalisation but stressed that greater efforts were needed to improve compliance, eliminate revenue leakages and strengthen collaboration among government institutions.
He maintained that sustainable development depends not only on generating more revenue but also on ensuring that public funds are prudently managed and strategically invested in sectors that create jobs, stimulate economic growth and improve citizens’ welfare.
“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 and improve the welfare of Nigerians,” he said.
Abimbola also reaffirmed the Commission’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 advocated stronger collaboration among fiscal institutions, the legislature, sub-national governments and the private sector, while highlighting the role of Artificial Intelligence, data analytics and digital monitoring systems in improving transparency and evidence-based fiscal decision-making.
Chairman of the House of Representatives Committee on Finance, James Abiodun Faleke, commended RMAFC for organising the retreat, describing it as consistent with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
According to Faleke, increased revenue can only translate into meaningful development when backed by prudent allocation, effective oversight and 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,” he said.
On the sidelines of the retreat, Abimbola disclosed that RMAFC was developing a real-time digital revenue monitoring dashboard to strengthen oversight of collections by government revenue-generating agencies. He explained that the platform would improve transparency, reduce leakages, enhance remittance monitoring and support more effective fiscal decision-making.
Also speaking, the Federal Commissioner representing Abia State, Hon. Linda Nkechi Oti, described the retreat as timely and urged participants to work together to produce practical recommendations capable of strengthening Nigeria’s fiscal governance and economic development.
The retreat featured technical sessions and panel discussions focusing on domestic revenue mobilisation, efficient resource allocation, fiscal sustainability and the deployment of technology to improve transparency and accountability in public financial management.
Other Federal Commissioners in attendance included Amb. Desmond Akawor (Rivers State), Hon. Hadizatu Uwani Mustapha (Borno State), Hon. Bello Abubakar Wamakko (Sokoto State) and Prof. Steve Ugba (Benue State).
The Commission said the retreat is expected to produce actionable recommendations that will strengthen Nigeria’s revenue mobilisation framework, improve fiscal discipline and support sustainable economic growth.
Cover Photo Caption: A cross section of RMAFC Commissioners at the Stakeholders Strategic Retreat in Lagos State
