The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Muhammed Bello Shehu, OFR, has reiterated the Commission’s dedication to exploring new avenues for revenue generation to support President Bola Tinubu’s administration’s developmental efforts.
He committed during a visit by a delegation from the National Space Research and Development Agency (NASRDA), led by Dr. Abayomi Taofik Alaga, Director of Mission Planning and Satellite Data Management.
During the meeting, which was attended by RMAFC Board Members and Management Staff, NASRDA was invited to present strategies for optimizing revenue streams through space technology.
Shehu said the initiative aligns with the Commission’s core mandate of identifying, mobilizing, and recommending alternative revenue sources for the Federation Account, which is vital for funding Nigeria’s three tiers of government.
Engineer Muhammed Sanni Baba, representing Bauchi State in the Commission, welcomed the NASRDA delegation on behalf of Chairman Shehu.
He emphasized the importance of the collaboration between RMAFC and NASRDA, stating, “We welcome the delegation from NASRDA as they lead us to understand the details of their operations and enlighten us on how we can better achieve our mandate as the Agency responsible for generating revenues for the three tiers of government in Nigeria.”
The discussion also highlighted the Commission’s decision to extend its collaboration with NIGCOMSAT to leverage satellite technology for enhanced monitoring and evaluation of revenue accruals into the Federation Account.
Dr. Leke Oyewale, Managing Director of Milky-Way Visuals, delivered an extensive presentation on the potential revenue streams from space technology.
He discussed various initiatives, including satellite development, space-based services, and the commercialization of space research.
These initiatives, he explained, could significantly contribute to the Federation Account by generating revenues across several sectors, including maritime, aviation, imagery, radio frequency analytics, and weather forecasting.
According to Dr Oyewale, the proposed revenue lines, which include bunker levies, midstream operations, ocean meteorological services, and satellite monitoring of pollution, could generate over $45 billion annually in the first two years, with the potential to increase to $50 billion per annum if fully harnessed.
He also pointed out opportunities in the solid minerals and agricultural sectors, estimating an annual income of ₦4.5 billion from mining operations and ₦500 billion from digital agriculture.
Ambassador Ayuba Ngbako, Honourable Member representing the Federal Capital Territory (FCT) in the Commission, expressed gratitude to NASRDA and Milky-Way Visuals for their insights.
He emphasized the Commission’s commitment to integrating satellite technology into its operations, encouraging Board Members and staff to apply the knowledge gained from the presentation to enhance Nigeria’s economic growth.
He added that the collaboration between RMAFC and NASRDA is poised to unlock substantial revenue streams through innovative uses of space technology, further bolstering Nigeria’s economic development.
