The Forum of Commissioners for Finance of Nigeria has called on President Bola Tinubu’s government to ensure all accruals from the fuel subsidy removal go to the federation account.
The outgoing chairman of the forum, David Olofu, made the call at a valedictory session for outgoing finance commissioners held in Abuja on Friday.
Mr Olofu is also the past Benue finance commissioner.
While commending Mr Tinubu on the removal of subsidy, Olofu said, as finance experts, the forum, like other Nigerians, had long yearned for it.
“We would like to sincerely commend the president for having that political will to do that first day in office,” Mr Olofu said. “That is what we had been yearning for. He came, his first day in office, he was able to achieve that which we have always asked for.”
On how the president should manage the funds from the subsidy, Mr 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,” stated the ex-commissioner. “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.”
He said, however, the government should develop policies and programmes that could address the challenges Nigerians are currently facing due to the increase in the pump price of fuel due to the fuel 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,” Mr Olofu stated.
He added, “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.”
The incoming chairman of the forum (and finance commissioner in Ondo), Wale Akinterinwa, reiterated that the subsidy removal was an overdue issue, lauding Mr Tinubu for his action, admitting that “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 of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), hoped that “as the years go by, the agitation on federal might or federal imposition on a lot of things would become a thing of the past.”
The RMAFC chair added, “This is an opportunity for states’ revenue mobilisation and all other agencies to collaborate in the area of increasing internally generated revenue of states and diversification of the economy.”
He also mentioned that the fuel subsidy removal was good for the economy.
Mr Shehu urged states to ensure that the monies that were eventually going to the states should be used properly so that “we can run a very good federation and create opportunities for jobs for Nigerians.”
Governor Umar Namadi tasked the forum to build on the legacy of the outgoing chairman, saying that he brought a lot of innovation and professionalism to the organisation.
He was a former finance commissioner for Jigawa and the past deputy governor of Jigawa before becoming the incumbent governor.
Mr Shehu explained that the subsidy removal was a bold step the president took.
The event was attended by the Accountant General of the Federation, Oluwatoyin Madein and representatives of the Central Bank of Nigeria (CBN) and Federal Inland Revenue Service (FIRS).
(NAN)
