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RMAFC, NCX Partner To Boost Revenue Generation

Chairman, Revenue Mobilisation Allocation and Fiscal Commission, (RMAFC), Abuja, Engr, Elias Nwalem Mbam has said that the primary roles of the commission are to mobilise revenue, to diversify and to advice all tiers of governments on fiscal efficiency.

He was speaking when the Managing Director of Nigeria Commodity Exchange, Mrs Zaheera Baba Ari lead the management team to pay a courtesy call to the revenue mobilisation allocation and fiscal commission office in Abuja on Wednesday morning.

Engr. Elias explained that his commission had visited the six geopolitical zones to sensitise the governments and the people of each zones on the need for them to diversify their economy and for them to know the resources available in their zones which they could have harnessed.

He said,
“Before now, the solid minerals was not contributing to the Federation Account but with advocacy, sensitisation and collaboration with the Commission and Ministry of Mines and Steels, solid minerals are now contributing reasonably”.

He revealed that in recent times, that oil revenues to the Federation have dwindled significantly, and that there is the need for all the tiers of governments to beam their searchlight on non oil sectors like agriculture, tourism and solid minerals.

Engr Elias added that his commission is therefore willing and ready to work with the Nigerian Commodity Exchange since the NCX’s mandate is also to explore the use of agriculture to boost the revenue base of the country.

‘In recent times, oil has not been contributing too much to the economy and so we have to fall back to non-oil sectors such as agriculture, tourism and solid minerals and so any agency that is working to enhance the revenue base of the country, we are willing to work with such agency.

The boss of RMFAC, then said that a six-man committee would be set up to further explore how his commission and NCX would collaborate in order to deepen ways by which the non oil sectors could be further harnessed in the area of revenue generation.

According to Elias, the six man committee would be made of 3 members from RMAFC and 3 from NCX.

Speaking earlier, the MD of NCX, Mrs Baba Ari Said the purpose of the visit of NCX officials to the Commission was to explain to the Boss of RMAFC what NCX does and to seek collaboration between the NCX and RMAFC.
img 20210623 wa0051 ncx

Speaking further, Mrs Baba Ari explained that the NCX’s mandate is to ensure that Nigerian farmers get a platform where they can market their commodities.

She added that with the provision of platform for selling of farm products, the farmers would benefit and the government’s revenue would be boosted.

She further added that for every revenue generated by the NCX, a percentage goes to TSA.
Therefore, she offered that her agency would train officials of RMAFC for the two bodies to collaborate to sensitise the farmers on the need to to the NCX as a marketing platform, which would be beneficial to the Commission.

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