DIVERSIFICATION: RMAFC URGES STATES TO EXPLOIT AREAS OF COMPARATIVE ADVANTAGE
The Revenue Mobilization Allocation and Fiscal Commission has urged State Governments in the country to exploit areas of comparative advantage in their drive to promote economic diversification for enhanced revenue generation, job creation and improved livelihoods for the teeming populace.
Chairman of the Commission, Engr. Elias Mbam made this call today when he received a high powered delegation from Katsina State Government on official working visit in his Office in Abuja. The delegation led by Muhammad Lawal Jari, the State Commissioner for Finance who represented Governor Ibrahim Shehu Shema also includes the Commissioners of Environment, Agriculture, Local Government and Chieftaincy Affairs and the Accountant General as well.
Mbam observed that for State Governments to effectively harness their resources, they need to leverage on areas of comparative advantage for optimum productivity rather than dissipate energy and resources on non-viable sectors. To this end, he assured that the Commission was willing to avail States desirous of diversifying their economy of its Diversification Blueprint and also facilitate access to enable them draw funds from the Natural resources Fund domiciled in the Central Bank for the development of natural resources like agriculture, tourism, solid minerals and the manufacturing sectors.
The RMAFC chairman further explained that the funds being held in trust by the Federal Government can be accessed by States and Local Governments to invest in the identified areas of diversification with a view to enhancing their revenue base so as to reduce the over dependence on oil revenue.