.As SGF frowns at revenue leakages, urges RMAFC to sanction defaulters
The National Bureau of Statistics (NBS) on Tuesday disclosed that the nation’s Gross Domestic Product (GDP) grew by 3.84per cent (year-on-year) in the fourth quarter of 2024.
The NBS noted that this growth rate is higher than the 3.46per cent recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate (approximately 3.46per cent).
According to the Bureau, the performance of the GDP in the fourth quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 5.37per cent and contributed 57.38per cent to the aggregate GDP.
“The agriculture sector grew by 1.76per cent, from the growth of 2.10per cent recorded in the fourth quarter of 2023.
The growth of the industry sector was 2.00per cent, a decline from 3.86per cent recorded in the fourth quarter of 2023,” NBS said.
The NBS further explained that in terms of share of the GDP, the services sector contributed more to the aggregate GDP in the fourth quarter of 2024 compared to the corresponding quarter of 2023.
It added that overall, the annual GDP growth in 2024 stood at 3.40per cent, an increase from 2.74per cent in 2023
.As SGF frowns at revenue leakages, urges RMAFC to sanction defaulters
Meanwhile, The Federal Government has urged the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), to sanction all revenue generating agencies that refuse to comply with the collection and remittance laws.
Sen. George Akume, Secretary to the Government of the Federation (SGF), gave the directive on Tuesday in Abuja, at the Inaugural Plenary Session, after the inauguration of appointed commissioners of the RMAFC.
Akume said that the RMAFC was expected to enhance non-oil revenue mobilisation and prioritise revenue generation from solid minerals, taxation and other non-oil sectors to reduce dependence on crude oil and air news.
”I therefore wish to state categorically, that governments expect key deliverables from the commission in areas such as revenue monitoring and accountability.
”You are to ensure that all revenue generating agencies comply with collection and remittance laws. Leakages must be blocked and defaulters must be sanctioned.
”Also, the commission should fast-track the review of the revenue allocation formula. The existing formula has not been reviewed in over two decades.
”A new equitable formula is critical for national economic stability and development.
”The commission should support governments’ fiscal policies and align its strategies with the administration’s economic transformation agenda to create a robust, self-sustaining revenue framework,’’ he said.
The SGF stressed the need for the commission to collaborate with relevant stakeholders, including the National Assembly, with a view to ensuring a harmonised approach to revenue administration.
He said that the removal of fuel subsidies, exchange rate unification and on-going tax reforms were strategic move to ensure fiscal stability.
He added that the policies would only succeed if the commission rose to the challenge and executed their policies.
Akume said the occasion marked a significant milestone towards fostering fiscal sustainability, revenue collection and remittance efficiency which was in-line with the Renewed Hope Agenda of the administration.
He congratulated the newly-inaugurated commissioners, adding that their role in shaping the economic and fiscal trajectory of the country was pivotal.
Dr Mohammed Shehu, Chairman, RMAFC, said that the commission was committed to fostering inter-governmental collaboration and ensuring that it remained aligned with the policies of the government.
Shehu noted that the commission played vital role in ensuring the fair and transparent allocation of revenue among the three tiers of government.
According to him, we are actively engaged in developing frameworks that enhance revenue generation, fiscal sustainability and equitable distribution in line with the national development priorities.
He sued for the SGF’s support to ensure that the RMAFC effectively discharges its constitutional responsibilities.
Also speaking, the Commissioner Representing Kwara, in the commission, Mr Ismail Agaka, said that the commissioners would ensure the mandates and objectives of the RMAFC were achieved effectively.
Agaka thanked the SGF, chairman and the management of the commission for making the inauguration a reality.
”I want to assure you that we will do our best to ensure that we support the commission in achieving its mandates and objectives,’’ he said.
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