RMAFC Partners NASDRA, Targets $50bn Revenue Through Space Science
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has teamed up with the National Space Research and Development Agency (NASDRA) in a new partnership aimed at generating up to $50 billion annually through the use of advanced space technology. This collaboration was formalized on Thursday with the launch of a presidential initiative focused on revenue optimization and digitalization using space technology at RMAFC’s head office in Abuja.
RMAFC Chairman, Dr. Muhammed Bello Shehu, emphasized the commission’s commitment to modernizing Nigeria’s revenue generation systems in collaboration with NASDRA and other key stakeholders. The initiative seeks to harness space science, artificial intelligence (AI), robotics, and space innovations to enhance national security and revenue collection.
Dr. Matthew Adepoju, Director-General of NASDRA, discussed the vast potential of space technology for revenue mobilization, noting that the country’s technological advancements in space could significantly contribute to national income. He shared the optimistic outlook that, with these innovations, Nigeria could generate an estimated $50 billion annually.
President Bola Tinubu had earlier stressed the importance of economic recovery and the need for increased revenue generation to stimulate growth, with a focus on discovering new revenue streams beyond traditional sources.
Dr. Shehu outlined that Nigeria is on the brink of a new economic era, driven by innovation, collaboration, and technology. He explained that traditional methods of revenue generation are insufficient for meeting the evolving needs of the country, stressing the importance of a strategic, technology-driven approach to boost revenue. He called on all stakeholders to work together to unlock these new opportunities for growth and development.
“Effective collection, accountability, and proper utilization of revenues are essential for national development. This is a task that must be achieved for our dear country,” Dr. Shehu added.
Engr. Muhammed Sani Baba, the federal commissioner representing Bauchi State at RMAFC and acting chairman of the commission’s Mobilization and Diversification Committee, also highlighted the significance of the initiative. He emphasized the need for stakeholders’ support to ensure the successful implementation of the project, noting that this step aligns with President Tinubu’s directive to modernize the country’s revenue processes for future growth.
A technical session during the event featured a presentation by NASDRA on how space science and technology could be leveraged to close revenue leakages and create new, sustainable revenue sources for the nation.
