Muhammed Bello Shehu, Chairman of Nigeria’s Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), has underscored the Commission’s dedication to discovering new revenue streams for the Federation Account to support the development goals of President Bola Tinubu’s administration.
According to a statement from Maryam Umar Yusuf, Head of the Information & Public Relations Unit, this commitment was made during a visit by a delegation from the National Space Research and Development Agency (NASRDA). The delegation, led by Dr. Abayomi Taofik Alaga, Director of Mission Planning and Satellite Data Management, visited the Commission to explore potential new sources of revenue.
Represented by Engineer Muhammed Sanni Baba, Honourable Member for Bauchi State, Chairman Shehu highlighted that NASRDA’s insights are crucial for optimising revenue generation for the Federation Account. This initiative aligns with the Commission’s mandate to identify, mobilise, monitor, and recommend alternative revenue sources.
The Chairman also announced the Commission’s plan to extend its collaboration to include NIGCOMSAT, aiming to use advanced satellite operations to improve monitoring and evaluation of the Federation Account’s accruals.
Dr. Leke Oyewale, Managing Director of Milky-Way Visuals, provided an extensive presentation on potential revenue streams from space technology. The NASRDA team discussed various initiatives, including satellite development, space-based services, and the commercialisation of space research, which could significantly contribute to the Federation Account.
Dr. Oyewale identified additional revenue opportunities such as bunker levies on midstream operations, ocean meteorological services, satellite monitoring of pollution and oil spill recovery, cargo clearance platforms at ports, automation of revenue lines, and enhancements for telecommunication companies.
He suggested that these revenue streams—encompassing maritime, aviation, imagery, radio frequency analytics, and weather forecasting—could generate over $45 billion annually within the first two years, with the potential to increase to $50 billion per year with effective implementation.
Other areas of interest include solid minerals and agriculture, with estimates suggesting around 4.5 billion naira in annual revenue from mining operations and N500 billion from digital agriculture.
Ambassador Ayuba Ngbako, Honourable Member representing the FCT in the Commission, extended his gratitude to the participants and praised NASRDA and Milky-Way Visuals Limited for their valuable insights into new revenue streams through space technology. He reaffirmed the Commission’s commitment to integrating satellite technology and encouraged Board Members and staff to leverage the knowledge gained to boost Nigeria’s economy.