RMAFC, NASDRA Target $50bn Annual Revenue In New Partnership

Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) and the National Space Research and Development Agency (NASDRA) have entered into a new partnership that is expected to result in the generation of about $50 billion annually through optimised technology-driven tools for Nigeria.

The collaboration was sealed on Thursday with the launching of the implementation of a presidential initiative on revenue optimisation and digitalisation via space technology at RMAFC’s head office in Abuja.

RMAFC chairman Dr. Muhammed Bello Shehu reaffirmed the commission’s commitment to modernizing Nigeria’s revenue generation in collaboration with the NASDRA and other key stakeholders.

Also, the director-general of NASDRA, Dr Matthew Adepoju, highlighted the potentials of space technology in revenue mobilisation, stating that with artificial intelligence (AI), robotics and space innovation, Nigeria can generate up to $50 billion annually while also strengthening national security.

President Bola Tinubu had emphasised the importance of economic recovery through enhanced revenue generation, which can primarily be achieved through the discovery of new revenue streams.

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Dr Shehu said, “We stand at the threshold of a new era, where innovation, creativity and collaboration drive economic growth and progress. It is indeed not an overstatement to say that the traditional sources and methods of revenue generation, apart from the fact that they are no more in vogue, are, most importantly, not sufficient to meet the evolving needs of our great Nation. Therefore, as key stakeholders, we must think innovatively and collaboratively to unlock new opportunities for economic growth and development in the interest of our beloved country.”

He stressed the need for a strategic, technology-driven approach to revenue mobilisation, pointing out that effective collection, accountability, and proper utilisation of revenues are essential for national development.

He posited that optimising revenue sources is not just a necessity but a responsibility that must be shared by all stakeholders. “We are at the verge of writing a new chapter in Nigeria’s leadership. The collective determination of stakeholders here today is key to optimising revenue collection and utilisation. This is a task that must be achieved for our dear country.” He said.

Earlier in his welcome address, the federal commissioner representing Bauchi State in the commission and acting chairman of the mobilisation and diversification committee, Muhammed Sani Baba acknowledged the importance of the initiative and called for the support of all stakeholders to ensure its successful implementation.

He disclosed that the occasion was organised as a step towards the implementation of the directive of Mr President that the generation, collection and subsequent utilisation of revenue should be modernised for the growth of the country and its exciting future.

A technical session featured a NASDRA-led presentation on leveraging space science and technology to block revenue leakages and create new revenue streams.