Nigeria Either Diversifies or Sink – RMAFC Boss

The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr Mohammed Bello Shehu, has said Nigeria’s over-reliance on oil earnings is not sustainable.

Speaking at the maiden edition of Economic Confidential Public Lecture cum Book Presentation in Abuja on Tuesday, Shehu said contemporary economic realities demand that the country does more than paying lip service to the issue of diversification.

Shehu who is the chairman of the ongoing event, noted that the country’s revenue base is already relying more on taxes collected by the Federal Inland Revenue Service (FIRS) than remittances by the Nigeria National Petroleum Company (NNPC) Ltd.

He added that going forward, the country’s economic planners must be deliberate in ensuring that the country gets a lot of its revenue from taxation, solid minerals, agriculture and other areas of comparative advantage.

He warned that the country will not survive for too long if nothing is done on the issue of diversification.

On the issue of new revenue formula, he said a new proposal is on the table of President Muhammadu Buhari and expressed hope that he will sign it before leaving office on May 29.

Details later.