The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has expressed its support for the potential generation of $50 billion annually through the commercialization of satellite and space programmes. This initiative is poised to significantly enhance Nigeria’s revenue base and bolster the developmental objectives of President Bola Tinubu’s administration.
RMAFC Chairman, Muhammed Bello Shehu, affirmed the Commission’s commitment to exploring new revenue streams during a meeting with a delegation from the National Space Research and Development Agency (NASRDA), led by Dr. Abayomi Taofik Alaga, Director of Mission Planning and Satellite Data Management.
The meeting, which took place at the RMAFC headquarters in Abuja on Tuesday, focused on educating the Commission’s Board Members and Management Staff on how to capitalize on emerging revenue opportunities within the space sector.
Represented by Engineer Muhammed Sanni Baba, the Member representing Bauchi State in the Commission, Shehu highlighted that the collaboration with NASRDA aligns with RMAFC’s core mandate to identify and recommend alternative sources of revenue for the Federation Account. This account is critical for the equitable distribution of revenue among the three tiers of government in Nigeria.
“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 stated.
The Commission disclosed 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.
During the meeting, Dr. Leke Oyewale, Managing Director of Milky-Way Visuals and a member of the NASRDA delegation, presented various potential revenue streams that could be unlocked through the deployment of geospatial support and space technology. Oyewale outlined initiatives such as satellite development, space-based services, and the commercialization of space research, all of which hold substantial revenue-generating potential.
He identified several specific revenue lines, including 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. According to Oyewale, these initiatives could generate over $45 billion annually within the first two years, with the potential to increase to $50 billion per year if fully harnessed.
Oyewale also pointed to additional opportunities in sectors of national interest, such as solid minerals and agriculture. He projected that mining operations in Nigeria could generate about ₦4.5 billion annually, while digital agriculture could contribute an additional ₦500 billion each year.
Ambassador Ayuba Ngbako, Member representing the Federal Capital Territory (FCT) in the Commission, reaffirmed RMAFC’s dedication to incorporating satellite technology into its operations and urged Commission members and staff to apply the knowledge gained to strengthen Nigeria’s economic framework.
This collaboration marks a significant step towards unlocking the economic potential of Nigeria’s space sector, aligning with the nation’s broader goals of revenue diversification and sustainable development.
