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Business
September 16, 2025 by Nduka Chiejina, Abuja
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called on governments at all levels to pursue transformative economic diversification as a matter of urgency in order to meet Nigeria’s current economic realities.
The call was made at the opening ceremony of a retreat organised for members of the Commission’s Mobilisation and Diversification Committee (M&DC) in Calabar, Cross River State.
The retreat had as theme: “Clarifying the strategic role of the mobilisation and diversification committee and leveraging diversification mandate to drive Nigeria’s economic transformation.”
RMAFC Chairman, Dr. Muhammed Bello Shehu, who was represented by the Federal Commissioner for Kwara State, Honourable Ismail Mohammed Agaka, warned that Nigeria’s fiscal outlook was at a critical turning point.
“Nigeria’s fiscal trajectory is at a crossroads,” he said. “While the federal government continues to face growing expenditure needs, internally generated revenue (IGR) remains insufficient across most states. The time has come for all stakeholders to adopt a deliberate and data-driven approach to revenue mobilisation and economic diversification.”
According to the Commission, the retreat was designed to review existing revenue mobilisation frameworks, identify innovative strategies for economic diversification, strengthen collaboration with subnational governments and stakeholders, and develop actionable recommendations that align with national policy goals.
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The Chairman of the Mobilisation and Diversification Committee, and Federal Commissioner representing Edo State, Honourable Victor Eboigbe, explained that the retreat was convened to tackle issues affecting the performance of the committee and to explore new approaches.
“The main reason for this retreat is to carefully examine challenges confronting the committee and to deliberate on innovative and actionable ways to engender realistic economic diversification at all levels,” he stated. “These solutions must be practical and in tune with the current realities facing the Nigerian economy.”
At the end of the retreat, the Committee issued a communiqué with wide-ranging recommendations. Among these was the inclusion of economic diversification efforts by all tiers of government as a criterion in the revenue allocation formula. It also called for increased sensitisation of subnational governments through collaboration with the six regional development commissions to organise zonal advocacy programmes.
The communiqué further urged the Commission to develop a national policy document on economic diversification that recognises the economic potential and peculiarities of the federal, state, and local governments. It also recommended stronger collaboration with stakeholders to obtain relevant data that would guide the committee in implementing its mandate.
Other recommendations included fostering public-private partnerships, strengthening collaboration between federal, state, and local governments to stimulate investment and growth, and expanding the tax net to capture the informal sector through the banking and financial system.
The Committee also advised governments at all levels to prioritise projects with high revenue potential and significant job creation opportunities, while ensuring continuity by rebranding and reorganising past programmes on economic diversification to reflect present-day realities.
According to the Commission, these steps are crucial for addressing Nigeria’s fiscal challenges and setting the foundation for sustainable economic transformation.
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