The Chairman of the Revenue Mobilization Allocation and Fiscal Commission, Mohammed Bello Shehu, has emphasized the critical need for robust domestic revenue mobilization to drive Nigeria’s national development.
This statement was given at the 2024 National Council on Finance and Economic Development meeting in Bauchi.
Shehu emphasised the need to diversify Nigeria’s income streams beyond oil, pointing out that rising debt loads and fluctuations in world prices call for sustainable alternatives.
“Increasing domestic revenue lessens dependency on borrowing from outside sources and gives national planning a stable basis,” he said.
Shehu urged for increased efficiency in tax administration and the integration of the informal sector into the formal economy, highlighting important revenue sources such taxes, non-tax revenues, state-owned firms, and the non-oil sector.
He emphasised that industries with unrealised potential to increase employment, draw in international investment, and generate national income include solid minerals, agriculture, technology, and tourism.
Shehu’s ideas focused on diversifying revenue sources, strengthening tax procedures, and increasing transparency and accountability.
He also emphasised the significance of investing in renewable energy, education, and infrastructure to promote long-term growth.
“Domestic income mobilisation is more than just a financial need; it is a path to Nigeria’s economic independence.