Block all revenue leakages, FG charges RMAFC

The Federal Government has charged the newly inaugurated Board of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) to block all revenue leakages and ensure that defaulters are sanctioned.

Secretary to the Government of the Federation (SGF), Senator George Akume, who gave this charge on Tuesday in his keynote address at the inaugural meeting of the new board of the commission in Abuja, also urged it to fast-track the review of the Revenue Allocation Formula, noting that a new equitable formula is critical for national economic stability and development.

He said the government expects the commission to strengthen revenue monitoring and accountability and ensure that all revenue-generating agencies comply with collection and remittance laws.

He noted that the enormous responsibilities of the commission have placed it at the centre of Nigeria’s fiscal and economic transformation.

“Your work, therefore, directly impacts the financial stability of the Federal, State, and Local Governments,” he said.

The SGF said the economic realities before the country demand urgency, innovation, and resilience in revenue administration. Noting that the removal of fuel subsidies, exchange rate unification, and ongoing tax reforms are strategic moves to ensure fiscal stability, he added that these policies will only succeed if institutions like RMAFC rise to the challenge and execute their mandate effectively.

He said, “Let me reiterate that the Tinubu administration is committed to implementing bold fiscal reforms, a revenue diversification drive, and economic policies that will reposition Nigeria’s economy for sustainable growth.

“As the President has consistently emphasized, we must expand revenue sources, curb revenue leakages, and ensure that every naira due to the Federation Account is accounted for.”

He assured the commission of the government’s commitment to providing it with the necessary support to enable it to achieve its constitutional mandate.

“As we take steps to kick-start and commit you to this wonderful journey today, I urge you all to rise to the challenge and work towards a Nigeria that is economically self-reliant and fiscally stable,” he said, adding, “Your work here will shape the financial future of Nigeria. The task ahead is daunting, but with integrity, commitment, and patriotic dedication, we will succeed.”

Earlier in his welcome address, the Chairman of RMAFC, Dr. Mohammed Shehu, explained that RMAFC plays a pivotal role in the country’s economic governance by ensuring the fair and transparent allocation of revenue among the three tiers of government.

He said, “We are also actively involved in developing frameworks that enhance revenue generation, fiscal sustainability, and equitable distribution in line with national development priorities.”

He thanked the SGF for honouring the invitation to attend the meeting, adding that the commission looks forward to his support and guidance.

The board is made up of representatives from the 36 states of the federation and the FCT, Abuja.