The Federal Government has officially launched a major revenue recovery initiative designed to close financial leakages and strengthen Nigeria’s fiscal governance framework.
The programme was inaugurated at the headquarters of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) in Abuja, where consultants engaged for the recovery exercise were formally introduced.
RMAFC Chairman, Dr. Mohammed Bello Shehu, said the move demonstrates the Commission’s renewed commitment to ensuring that all funds due to the Federation are properly accounted for and remitted into the Federation Account.
“This is not just another administrative process—it is a deliberate and result-oriented effort to strengthen fiscal governance and ensure that every recoverable naira is transparently remitted,” Dr. Shehu stated.
Strategic push under the Renewed Hope Agenda
According to Shehu, engaging consultants aligns with President Bola Tinubu’s Renewed Hope Agenda, focusing on plugging revenue leakages, improving transparency, and boosting the financial capacity of federal, state, and local governments.
He noted that the exercise would cover various sectors of the economy, identifying and recovering unremitted funds through inter-agency collaboration with the Federal Inland Revenue Service (FIRS) and the Office of the Special Adviser to the President on Revenue.
Representing the FIRS Executive Chairman, Coordinating Director Mr. Shettima Tamadi lauded RMAFC’s proactive approach, saying, “Nigeria has a significant revenue gap, but with stronger cooperation between agencies, we can bridge that gap and achieve lasting fiscal growth.”
Consultants tasked with strict timelines
RMAFC Secretary, Mr. Joseph Nwaeze Okechukwu, urged the consultants to complete the assignment within the stipulated six-month timeframe and ensure timely recovery of all outstanding revenues.
Accepting the mandate on behalf of the consultants, lead partner Mr. Temitayo Ojeleke described the engagement as “a national call to duty,” pledging transparency and measurable results.
“We approach this task as partners in Nigeria’s economic renewal and are fully committed to strengthening the nation’s revenue base,” Ojeleke said.
Background context
The initiative follows an August directive by the Federal Government for RMAFC to conduct due diligence in developing a new and equitable revenue allocation formula for Nigeria.
During that meeting, Secretary to the Government of the Federation (SGF) Senator George Akume expressed confidence in RMAFC’s capacity to produce a fair and effective framework reflecting the country’s fiscal realities.
The new revenue recovery drive marks another milestone in RMAFC’s broader efforts to enhance transparency, improve accountability, and maximize the Federation’s revenue potential.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
