The Chairman of Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), Ellias Mbam, has enlisted the active involvement of the organised private sector (OPS) in the ongoing effort by the Federal Government to reduce the nation’s over dependence on oil.
He disclosed that the involvement of OPS was imperative as the commission has realised that it is only through the diversification of the economy that many of the governments’ developmental programmes can be achieved.
“The series of workshop which the commission has being organising are aimed at sensitising governments and other stakeholders on the urgent need to broaden the economic base of the nation by diversifying the sources of revenue in order to meet the increasing expenditure requirements of governance and development.
Speaking in Kano during the zonal advocacy workshop for stakeholders in revenue generation sector from the North-west geo-political of the country, Mbam stated that: “This workshop is expected to provide a platform for stakeholders to share experiences and explore strategies of exploiting and developing the various peculiar resource endowments available in their respective states to enhance their revenue profiles.
“The commission strongly believes that our economy must be diversified to guarantee the actualisation of the various socio-economic development programmes of government, particularly, the nation’s Vision 20: 2020 and urged them to be prepared to play active role that will assist in creating the necessary enabling environment required to attract local and foreign direct investment to the economy.
“At present, oil and gas resources drive the nation’s economy. These hydrocarbon resources are exhaustible, non-renewable and vulnerable to international price volatility and politics.
“Therefore, we must diversify in order to ensure a sustainable means of funding our national development and reduce the over-dependence on oil and gas revenue,” he further said.
He added that there was need for all stakeholders to shift their focus to the development of the real sectors of the economy particularly, agriculture, solid minerals, manufacturing and tourism.
“The commission therefore, wishes to draw the attention of the three tiers of government and all stakeholders on the need to shift their focus. Where are the groundnut pyramids, hines and skin of the northern Nigeria, where are the industries for which Kano and Kaduna among others are were known for? I wish to observe that the states in the North-west zone have high potential for agricultural, solid minerals, tourism and industrial development.”
According to him, “I am sure these areas will be highlighted by our distinguished resource persons in the course of this workshop. Indeed, these sectors are capable of generating substantial revenue earnings, reduce the expensive deficit budgeting and financial challenges being faced by all tiers of government.”