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THE NATION THURSDAY, AUGUST 15, 2013
BUSINESS NEWS New revenue formula: RMAFC meets Gowon
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HE Revenue Mobili sation Allocation and Fiscal Commission (RMAFC) has started consultation with former elder statesmen in continuation of its advocacy and mass mobilisation on the ongoing review of the existing Revenue Allocation Formula. The consultations took off yesterday with a visit to former Head of State General Yakubu Gowon (Rtd) in Abuja. The Chairman of the commission, Elias Mbam, led the delegation which included other members and senior officials of the commission. Mbam, who addressed reporters at the end of the visit, said the aim of the meeting was to enable the commission to tap from the wealth of experience of former leaders, and also get their input into the proposed revenue formula. He said it has become expedient for the commission to widen the scope of its consultation with critical stakeholders to promote national buy-in. Mbam said the commission has so far held consultative meetings with critical stakeholders, such as members of the Fourth Estate of the Realm, the three levels of government, comprising governors, speakers of state Houses of Assembly, Chief Judge, as well as local council chairmen and
From Nduka Chiejina, (Asst. Editor), Abuja
their counsellors. Earlier, Mbam told Gowon that the Commission would also pay similar visits to his successors, to get their views on the exercise to enrich the evolving formula. Responding, Gowon thanked members of the commission for the visit and assured them of his continued support for the commission on its quest to get a new revenue formula for the country. He said an equitable revenue sharing formula would ensure even development of the country, promote national unity, cohesion and peaceful coexistence.
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• From left: Hetal Shah of Mara Foundation, Chief Executive Officer, Bluebird Capital, Mr Peter Owunna, Vice President, Pan African Youth Council, Mr Ndaba Mandela, President, Mara Foundation Group, Ashish j Thakkar, Special Adviser to the President on Youth Empowerment, Ambassador Obinna Adim, Chairman Fortis Mobile Money Plc, Felix Achibiri, and President, MTV Networks Africa, Alex Okosi, after a collaborative session on Mentorship programme for Nigerian Youths at the State House, Abuja.
Banks urged to create fund for tourism
ONEY Deposit Banks have been urged to create a special fund to develop the tourism sector. The Chairman, Tourism Group of the Lagos Chamber of Commerce and Industry (LCCI), Larry SegunLean, said this would provide an opportunity for investors and other stakeholders to invest meaningfully in the industry He told The Nation that when banks start getting involved in tourism development, it would not only guarantee massive employment for the teeming Nigerians youths, but will also create an environment that
By Ambrose Nnaji
people would have money to save, adding that the retail banking would thrive more than what it is today because all classes of citizens have access to savings and services of the banks. He urged the government to be proactive with regards to tourism development, and provide the needed atmosphere that would enable practitioners and tourists to take advantage of the abundant resources in the country, saying that tourism should be seen as a way forward towards economic development of the nation
He said: “We need funding for tourism so that everybody would be engaged. When people are meaningfully engaged, they can be taxable, it would help revenue generation for the government, people can pay taxes when they play their role in national development, and taxation becomes relevant for everybody.” Sugun, said that banks have the basic role to play in financing major infrastructural projects, such as airports, the transportation system, including the railway line, adding that every aspect of tourism, including the crea-
tive industry in the tourism sub-sector requires finance. “We are inviting the banks to come and be part of tourism development in identifying with projects that are necessary for funding. They should create a desk in the banking sector which can be considered as tourism desk where projects that are tourism related are considered for funding,”he said. “We should be able to have integrated transport system that when a tourist visits the country, he would have no problem taking off from the airport, either by train or road.” He urged banks to get in-
• CBN Governor, Sanusi
volved in tourism related infrastructure because when a tourist visits, he wants an experience that is interesting and hassle free.