JUST IN: Federation account records 45% revenue growth under Tinubu’s govt – RMAFC

The Federation Account has witnessed a 45 percent increase in revenue since President Bola Ahmed Tinubu assumed office. 

This is according to Dr. Mohammed Bello Shehu, Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).

Speaking at a press briefing in Abuja on Tuesday, Dr. Shehu attributed this growth to the policies and reforms introduced by the Tinubu administration. 

He described the reforms, including the proposed tax reform bills, as bold measures aimed at repositioning Nigeria’s revenue framework and addressing longstanding fiscal challenges.

Dr. Shehu acknowledged the difficulties facing Nigerians due to current economic challenges but admitted the long-term benefits of these initiatives.

 “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,” he 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.

Dr. Shehu also used the occasion to debunk reports suggesting RMAFC’s opposition to the proposed tax reform bills. 

He described such reports as “grossly misleading, false, and malicious,” emphasizing 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,” he said.

He urged the media to uphold ethical standards, cautioning against the dissemination of baseless reports.

The reforms aim to enhance fiscal equity, reduce tax evasion, and increase revenue generation while addressing concerns about potential impacts on businesses and individuals.

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.

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