RMAFC Embraces Space Commercialization for Revenue Generation
…NASRDA explains how space commercialisation will generate $50bn into the federation’s account
By Patience Ikpeme
The Revenue Mobilisation Allocation and Fiscal Commission, has embraced space commercialisation for more revenue generation into the federation account to support the developmental efforts of President Tinubu led administration.
The Chairman RMAFC Muhammad Bello Shehu, disclosed this when he received the delegation from the National Space Research and Development Agency, (NASRDA) led by Dr. Abayomi Taofik Alaga, Director Mission Planning and Satellite Data Management, on Tuesday in Abuja .
Represented by Engineer Muhammed Sanni Baba, member representing Bauchi state in the Commission, the Chairman stated that NASRDA was invited by the Commission to make a presentation on how to optimize possible areas of income generation into the Federation Account. This he said was in line with the core mandates of the Commission; to identify, mobilise, monitor, and recommend alternative sources of revenue into the Federation Account for sharing amongst the beneficiaries.
“We welcome the delegation from NASRDA as they lead us to understand the details of the modus operandi of their organisation and enlighten us on how we can better achieve our mandate as the Agency responsible for generating revenues for the three tiers of government in Nigeria”, he stated .
During the visit, Dr. Leke Oyewale, who is the Managing Director of Milky – Way Visuals, exlored potential revenue streams that can be generated from space technology through the deployment of geospatial support . He also explained various initiatives such as satellite development, space-based services, and commercialisation of space research that can generate more revenue.
Dr. Oyewale talked about different ways to make money, like charging fees for ships to refuel, checking the weather at sea, using satellites to monitor pollution and clean up oil spills, making it easier for goods to enter and leave ports, using technology to collect money, and helping phone companies make more money.
He added that the aforementioned revenue lines covered the maritime, aviation, imagery, radio frequency analytics, and weather forecasting sectors. They are potentially capable of generating over $45 billion per annum in the first two years, which could subsequently increase to $50 billion dollars per annum if adequately harnessed.
Additionally, he mentioned that it is also possible to make money from mining minerals and farming in Nigeria. Mining could bring in about N4.5 billion each year, while digital farming could generate an annual income of N500 billion.
Ambassador Ayuba Ngbako, Member representing the FCT in the Commission, who gave the vote of thanks, appreciated the participants and commended the National Space Research and Development Agency and Milk-Way Visuals Limited for the enlightenment on new revenue lines into the Federation Account through the use of space technology.
He reiterated the Commission’s commitment to incorporating the instrumentality of satellite technology and encouraged Members of the Board and staff of the Commission to apply the knowledge gained from the presentation in their operations to boost the Nigerian economy.
The Chairman also disclosed the decision of the Commission to extend the collaboration between NASRDA to NIGCOMSAT to leverage optimized satellite operations in order to enhance monitoring and evaluation of accruals into the Federation Account and also nothing that the commission was in full support of the idea of incorporating satellite technology into different sectors to increase revenue for Nigeria.
