Subsidy removal: Finance Commissioners want all accrual in Federation Account

The Forum of Commissioners for Finance of Nigeria has called on the Federal Government to ensure that all accruals from the removal of fuel subsidies go to the Federation Account.

Outgoing Chairman of the Forum, Mr. David Olofu, made the call at a valedictory session for outgoing State Commissioners for Finance held in Abuja on Friday.

Olofu is also the immediate past Commissioner for Finance and Economic Planning in Benue State.

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

“We will like to sincerely commend the President for having that political will to do that on his first day in office.

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

On how the President should manage the funds from subsidies, 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 them be disbursed from the federation account”, he stressed.

He said, however, that the Federal Government should come up with policies and programs 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 subsidies.

“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 wage increases, we also have to look atissues 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.”

Olofu appealed to Nigerians to be patient, saying the long-term benefit of what has been done by the president far outweighs the short-term pain people are going through.

For the incoming Chairman of the Forum, Wale Akinterinwa, he commended his predecessor, saying that Olofu did very good work while leading the forum.

“He has actually elevated the forum to a much higher level than he met it at. Be that as it may, I will try to ensure that I continue from where he stopped.

“I will continue to sustain the good relationship he has created with all the revenue-generating agencies, such as the Ministry of Finance and the Office of the Accountant General of the Federation”, he said.

Akinterinwa, who is the Commissioner of Finance in Ondo State, reiterated that the removal of fuel subsidies was an overdue issue.

His words: “I commend the President for having the courage to immediately remove the fuel subsidy as he was sworn.

“Well, we are going to feel the pain we are feeling in the short run, but in the long run, it is in the best interest of everybody.”

Mohammed Shehu, Chairman, Revenue MobilizationMobilization Allocation and Fiscal Commission (RMAFC), on his part, commended the forumfor its for its efforts at taking the issue of federation accountsaccounts very seriously.

“We hope that as the years go by, the agitation overover federal might or federal imposition on a lot of things willwill become a thing of the past.

“This is an opportunity for state state revenue mobilizationmobilization and all other agencies to collaborate in the area of increasing internally generated revenue of states and diversification of the economy”, he said.

He also said that the removal of fuel subsidiessubsidies was good for the economy.

Shehu urged states to ensure that the monies that were eventually going to the states werewere putto proper to proper use so that “we can run a very good federation and create opportunities for jobs for Nigerians.”

TheThespecial guest special guest of honorhonor at the event, the Governor of Jigawa, Umar Namadi,Namadi, tasked the forum to build on the legacy of the outgoing chairman,chairman, saying that he brought a lot of innovation and professionalism to the organizationorganization.

He was a former Commissioner forFinance in Finance in Jigawaand the and the immediate past Deputy Governor of the state before becoming the present governor.

Shehu saidthat the that the removal of fuel subsidiessubsidies was abold step taken by the president president.

Supreme reports that the event was attended by the Accountant General of the Federation, Mrs.Mrs. Oluwatoyin Madein,Madein, and representativesof the of the Central Bank of Nigeria (CBN)and the and the Federal Inland Revenue Service (FIRS).