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BUSINESS

Federation account sees 45% revenue growth under Tinubu’s administration – RMAFC

December 11, 2024 • 2 min read

December 11, 2024

By Samuel Ogunsona

The Federation Account has witnessed a significant increase in revenue, with a 45% growth since President Bola Ahmed Tinubu assumed office.

This revelation was made by Dr. Mohammed Bello Shehu, Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), during a press briefing in Abuja.

Dr. Shehu attributed this growth to the policies and reforms introduced by the Tinubu administration, describing them as bold measures aimed at repositioning Nigeria’s revenue framework and addressing longstanding fiscal challenges.

“We know there are challenges in the country, hardships, and other things, but at the end of it, this reform aims to position Nigeria among seriously developing countries. In the long run, the GDP is going to rise significantly,” Dr. Shehu stated.

He praised President Tinubu for taking decisive action early in his first term, rather than delaying critical reforms.

“Mr. President is risking it all to implement these reforms now. This shows seriousness and a commitment to achieving tangible results. For too long, we have been passing the buck,” Dr. Shehu remarked.

The RMAFC chairman also debunked reports suggesting the Commission’s opposition to the proposed tax reform bills, describing such reports as “grossly misleading, false, and malicious.”

He emphasized that the Commission has been an active participant in the reform process.

“We applaud President Tinubu’s strong commitment to repositioning Nigeria’s revenue base through bold initiatives. The proposed tax reform bills are a significant step toward integrating untapped revenue sources, enhancing Nigeria’s revenue-to-GDP ratio, and positioning the country favorably among nations with high fiscal performance,” Dr. Shehu said.

The proposed tax reforms are undergoing extensive consultations with expert bodies to ensure the legislation is robust, equitable, and effective. Dr. Shehu revealed that RMAFC has submitted a memorandum emphasizing adherence to global best practices to guide the reform process.

Dr. Shehu called on Nigerians to rally behind President Tinubu’s bold fiscal reforms, describing them as a crucial step toward economic prosperity.

“At this critical juncture, the President needs the support of all Nigerians. Let us work together to support his vision for a more prosperous Nigeria,” he urged.

The RMAFC also appealed to the media to focus on promoting factual and constructive dialogue in the national interest. With these reforms, the Tinubu administration aims to strengthen Nigeria’s fiscal foundation and build a sustainable path toward economic growth and development.