BY FESTUS OKOROMADU
The Forum of Commissioners for Finance of Nigeria has called on the Federal Government to ensure that all accruals from the removal of fuel subsidy go to the Federation Account.
The outgoing Chairman of the Forum, David Olofu made the call at a valedictory session for outgoing State Commissioners for Finance held in Abuja on Friday.
Olofu was also the immediate past Commissioner for Finance and Economic Planning, Benue State.
While commending President Bola Tinubu on the removal of subsidy, Olofu said, as financial 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 on his first day in office,” he said.
On how the President should manage the funds from the 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,” he stressed.
He said, however, that the Federal Government should come up with policies and programmes that could address the challenges Nigerians are currently facing as a result of an 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 with 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 said.
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 pains people were going through.
The incoming Chairman of the Forum, Wale Akinterinwa, commended his predecessor, saying that Olofu did a very good job while leading the forum.
Akinterinwa who is the Commissioner of Finance in Ondo State, reiterated that the removal of fuel subsidy was an overdue issue.
“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,” he noted.
Mohammed Shehu, Chairman, Revenue Mobilisation Allocation and Fiscal Commission, on his part, commended the Forum on its efforts at taking the issue of the federation account very seriously.
“We hope that as the years go by, the agitation on federal might or federal imposition on a lot of things will become a thing of the past.
“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 said.
He also said that the removal of fuel subsidies was good for the economy.
Shehu urged states to ensure that the monies that were eventually going to the states should be put to use properly so that “we can run a very good federation and create opportunities for jobs for Nigerians.”
