rmafc revenue allocation 1 1

RMAFC backs $50bn revenue plan from satellite commercialisation, to extend initiative to NIGCOMSAT 

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) Tuesday expressed its readiness to support the initiative towards potential generation of $50 billion annually through the commercialisation of satellite and space programmes.

RMAFC Chairman Muhammed Bello Shehu said this during a meeting with a delegation from the National Space Research and Development Agency (NASRDA), led by its Director of Mission Planning and Satellite Data Management,  Dr. Abayomi Taofik Alaga.

The initiative, he said, is expected to significantly grow Nigeria’s revenue base and support the developmental goals and Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.

The meeting, was among others, aimed at enlightening the Commission’s board members and management staff on how to tap into emerging revenue opportunities within the space sector.

Speaking at the meeting which held the Commission’s headquarters, the RMAFC boss said the collaboration with NASRDA aligned with RMAFC’s core mandate of identifying and recommending alternative sources of revenue for the Federation Account, critical for equitable revenue sharing among the three tiers of government in Nigeria.

Represented by the member representing Bauchi state in the Commission, Sanni Baba, the Commission’s chair said: “We are pleased to welcome NASRDA’s delegation as they guide us through the operational details of their organization and demonstrate how we can better fulfill our mandate to generate revenue for all levels of government in Nigeria.”

Shehu said the commission specifically invited NASRDA to share its thought on optimising income generation through space-related activities.

The Commission also expressed its intention to extend this collaboration to the Nigerian Communications Satellite Limited (NIGCOMSAT) to leverage satellite technology for enhanced monitoring and evaluation of revenue accruals into the Federation Account.

In a presentation, Managing Director of Milky-Way Visuals, Dr. Leke Oyewale, who was also a member of the NASRDA delegation, highlighted the various potential revenue streams that could be unlocked through the deployment of geospatial support and space technology.

He listed some of the initiatives to include satellite development, space-based services, and the commercialisation of space research, all of which, according to him, hold substantial revenue-generating potential.

Others, according to Oyewale, are bunker levies from midstream operations, ocean meteorological services, satellite monitoring of pollution and oil spill recovery, cargo clearance platforms within ports, and the automation of revenue collection.

The expert said the initiatives had the potential to  generate over $45 billion annually within the first two years, and possibility of rising  to $50 billion per year if well harnessed.

While noting other opportunities in sectors of national interest, such as solid minerals and agriculture, Oyewale said mining operations in Nigeria could generate about N4.5 billion annually, while digital agriculture could contribute an additional N500 billion each year.

Also speaking at the parley, the member representing the Federal Capital Territory (FCT) in the RMAFC, Ambassador Ayuba Ngbako, said the Commission was ready to incorporate satellite technology into its operations.

He urged his colleagues and staff members to apply the knowledge gained during the meeting to further strengthen Nigeria’s economic framework.