Remove Fuel Subsidy, It’s A Burden On Nigerian Economy – Rmafc Tells Fg
BEVERLY HILLS, December 24, (THEWILL) – The Revenue Mobilization Allocation and Fiscal Commission, RMAFC, has added its voice to calls on the Federal Government to remove fuel subsidy, basing its request on the ground that the subsidy had become a burden on the nation's economy.
Stressing that the subsidy had not served the masses as it was supposed to and therefore was not serving its purpose, the commission stressed that its removal will free up additional funds for the implementation of developmental projects that would have direct bearing on Nigerians.
This is contained in a statement issued on Wednesday in Abuja by by the RMAFC Head, Public Relations, PR, Mr. Ibrahim Mohammed, who further noted that the commission was fully organised and mobilised to complement Federal Government’s effort in the effective implementation of the 2016 budget.
According to the statement, “It has become a major fiscal and financial burden to the nation and should therefore be discarded totally since the intended targets, the poor and middle income class, were often denied the benefits.
“The removal will drastically reduce the pressure on the revenue profile of the country just as it will free additional funds for the execution of developmental projects which would have direct bearing on the masses.”
On how it would assist the federal government in effectively implementing the 2016 budget, the commission disclosed that it would do so by beefing up revenue generation from diverse revenue sources and ensuring timely remittances by all revenue generating agencies into the federation account for the rapid development of the country.
It also observed that the major highlights of the proposed budget by President Muhammadu Buhari were in line with the commission's mandate of monitoring accruals to and disbursement of revenue from the Federation Account.
It has also been advising the federal and state governments on fiscal efficiency and methods by which their revenue could be increased.
The statement recalled that beyond mobilizing revenue from traditional sources namely oil and gas and the non-oil sector, RMAFC had in the last two years been effectively engaged in promoting economic diversification through advocacy and mass mobilization campaign.
This, the Head of PR unit said was aimed at boosting the revenue base of the nation and reducing overdependence on oil revenue by states and local governments despite the abundance of human and natural resources in the country which is the bane of economic development.
The statement further assured that the Commission would continue to engage critical stakeholders to devise strategies of reducing revenue leakages to the barest minimum.