State finance commissioners asks FG to send accruals from subsidy removal to Federation Account

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The Forum of Commissioners for Finance of Nigeria, on Friday, called on the Federal Government to channel accruals from the removal of fuel subsidy into the Federation Account.

The form made the call throught its outgoing Chairman, Mr David Olofu, the immediate past Commissioner of Finance in Benue State at a valedictory session for outgoing State Commissioners for Finance held in Abuja on Friday.

Olofu, while commending President Bola Tinubu on the removal of subsidy, said, as finance experts, the Forum, like other Nigerians, had long yearned for it.

He said: “We will like to sincerely commend the President for having that political will to do that, the first day in office.

“That is what we had been yearning for. He came; on his first day in office, he was able to achieve that which we have always asked for.”

Read also: NLC justifies suspension of strike action despite subsidy removal

Speaking on how the President should manage the funds from subsidy, Olofu said that the Constitution provided for all federation revenues to go into the federation account.

“Nobody has any authority whatsoever to deduct any amount from federation revenue.

“So, I will align myself with the position of the Constitution and recommend that all the accruals go into the federation account and let it be disbursed from the federation account”, Olofu stressed.

Olofu, however, urged the Federal Government to come up with policies and programmes that could address the challenges Nigerians are currently facing as a result of the increase in the pump price of fuel due to the removal of subsidy.

“I believe that the president has the capacity and knowledge to be able to do that decisively.

“He has already started it by proposing a wage increase for workers, but that has to be done alongside sub-nationals because the sub-nationals have the bulk of civil servants in this country.

“I believe he is on track, but, apart from the wage increase, we also have to look at issues of infrastructure because we believe strongly that if we can wrap up infrastructure in this country, it will also help to improve the living standard and bring down the cost of living,” he added, appealing to Nigerians to be patient, saying the long-term benefit of what the president has done far outweighs the short-term pain people are going through.

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