The Chairman, Revenue Mobilization Allocation and Fiscal Commission, Engr. Elias Mbam, has reiterated the commission’s commitment to boosting economic diversification in the country through constant advocacy and mass mobilization campaign across the six geopolitical zones to promote national buy-in.
Mbam, who gave this commitment in a media chat in Abuja over the weekend, charged stakeholders in Nigeria, especially the three tiers of government, to partner the private sector to develop the untapped natural resources that abound in all parts of the country, with a view to boosting their revenue base and reducing the over dependence on oil revenue.
The chairman, who spoke ahead of the Zonal Advocacy Workshop on Economic Diversification slated to be held in Asaba, the Delta State capital, for the South-South Zone from September 10 to 11, 2012 also expressed optimism that the constant agitation over the revenue sharing formula will be reduced to the barest minimum if all state and local governments fully exploit the resources in their domain.
Additionally, he opines that if states and local governments commit the proceeds of revenue derived from natural resources to offset the cost of governance, the monthly allocation from oil revenue could be geared towards the execution of viable capital projects thus promoting good governance, fiscal efficiency and prudent management of resources.
In this regard, Mbam urged stakeholders to address the excruciating poverty, unemployment and the attendant security challenges through effective economic diversification with a view to creating wealth, boosting employment and income generation for the teeming populace.
This he believe would ensure sustainable socio-economic development and democratic governance.