The Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Muhammed Bello Shehu, has said the traditional means of revenue generation would not be sufficient if the country would grow its economy.
Naija News reports that Shehu stated this when he hosted the National Space Research and Development Agency (NASDRA), at the Commission’s office in Abuja.
According to a statement from the Commission’s spokesperson, Maryam Umar Yusuf, the visit was for the launching of the implementation of the Presidential initiative on revenue optimization and digitalization through space technology.
Shehu emphasized the importance of economic recovery through enhanced revenue generation, which could primarily be achieved through the discovery of new revenue streams.
He stated that the Renewed Hope Agenda of President Bola Tinubu’s administration could only be realized through the implementation of efficient revenue generation methods, with the creation of new revenue streams through the use of modern technology.
“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 said.
He called for a strategic, technology-driven approach to revenue mobilization, pointing out that effective collection, accountability, and proper utilization of revenues are essential for national development.
He added that optimizing revenue sources was 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 optimizing revenue collection and utilization. This is a task that must be achieved for our dear country,” he stated.
On his part, the Director General of NASDRA, Matthew Olumide Adepoju, highlighted the potential of space technology in revenue mobilization, noting that with AI, robotics, and space innovation, Nigeria can generate up to $50 billion annually while also strengthening national security.