RMAFC Recommends Strategic Projects to Strengthen Fiscal Stability

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called on all tiers of government to urgently adopt new economic strategies that align with Nigeria’s fiscal challenges, with a strong emphasis on boosting revenue generation, attracting investment, and creating jobs.

Speaking at a strategic retreat in Calabar for members of the Mobilisation and Diversification Committee, the RMAFC Chairman, Muhammed Bello Shehu, stressed the importance of shifting from over-reliance on federal allocations to building sustainable, income generating ventures across sectors.

Represented by Honourable Ismail Mohammed Agaka, federal commissioner representing Kwara State, Shehu noted that many states still struggle with low internally generated revenue (IGR), making it imperative for stakeholders to embrace innovative, data driven approaches to economic growth.

“The federal government is under pressure to meet growing expenditure needs, yet most states cannot fund their budgets independently. The way forward is through actionable economic reform that targets productivity, self sufficiency, and large scale job creation,” he said.

The committee chairman, Victor Eboigbe, who represents Edo State on the commission, noted that the retreat was a platform to identify challenges and opportunities for state-led economic initiatives that can trigger long-term prosperity.

In its communiqué, the committee proposed that governments’ economic reform efforts be factored into the national revenue sharing formula to reward performance and incentivise results. It also called for regional advocacy programmes and collaborations with development commissions to educate stakeholders on sustainable economic practices.

Among the key recommendations were, Prioritising projects that have high revenue and employment potential, Strengthening public private partnerships to attract capital, Formalising the informal sector to broaden the tax base, Promoting intergovernmental collaboration to increase investment

The committee further urged RMAFC to develop a national economic action plan that reflects the unique capacities of federal, state, and local governments, while aligning with current realities.

To maintain momentum, the Commission’s earlier economic reform initiatives will be updated and realigned with present needs, ensuring continuity in policy execution.

Long-term growth will only come when government agencies take bold, coordinated action to reduce dependency and build inclusive economies that create jobs and improve livelihoods, the committee concluded.