RMAFC, House Committee Address Nigeria's Macroeconomic Challenges

Nigeria's Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), in collaboration with the House Committee on Finance, organized a strategic retreat in Lagos to tackle a critical economic anomaly: growth that fails to translate into tangible benefits for citizens.

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Every Naira mobilised on Nigerian soil is a Naira owed to the Nigerian people, and must be well distributed and utilised to positively impact the Nigerian people.

Participants at the retreat pinpointed several challenges contributing to this disconnect. Chief among them is food inflation, currently at 17.52% year-on-year, exacerbated by an over-dependence on oil revenue and the high cost associated with government agencies' revenue collection efforts. The retreat, themed 'Beyond Collection: Revenue Mobilisation for Economic Growth-Building Strategies for Efficient Resource Allocation,' sought to identify these challenges and formulate solutions for the benefit of Nigerians.

James Faleke, Chairman of the House Committee on Finance, stressed that every Naira generated within Nigeria belongs to its people and must be distributed and utilized effectively. He highlighted the government's commitment under President Bola Ahmed Tinubu to historical revenue allocation to states, noting that federal revenue has surged from 29.07 trillion to 88.91 trillion by 2025, with all states experiencing positive growth in allocations. Faleke emphasized the need to ask difficult questions about whether allocated funds are truly creating value for the populace.

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The lecture alone does not build our roads, staff our hospitals, or lift our people out of hardship. It is allocation, discipline, transparent planning, and efficiency that turns revenue into mission.

Representing RMAFC Chairman Dr. Mohammed Bello Shehu, Commissioner Kolawole Daniel Abimbola stated that Nigeria's economy is at a crucial stage, with increasing demands for sustainable development, fiscal stability, and inclusive growth amid competitive pressures on public finances. He underscored that effective revenue mobilization is not just a constitutional duty but a strategic national priority. The government's ability to provide infrastructure, improve social services, promote economic diversification, and ensure national security hinges on the adequacy, sustainability, and efficient use of public revenues.

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Federal revenue has grown from $29.07 trillion to $88.91 trillion as of 2025, and every state has recorded positive growth in allocation. No state, no constituency, no local government has been left behind. That is a record-holding fact.

Abimbola acknowledged Nigeria's progress in expanding non-oil revenue streams through tax and institutional reforms. However, he pointed out that significant opportunities remain to enhance revenue performance by improving compliance and eliminating inefficiencies within various revenue-generating agencies.

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The ability of the government at all levels to provide quality infrastructure, improve social services, promote economic diversification, and guarantee national security fundamentally depends on the adequacy, sustainability, and efficient use of public revenues.