The Forum of Commissioners for Finance in Nigeria has issued a call to the Federal Government, urging that all proceeds from the removal of fuel subsidy be directed into the Federation Account.
During a valedictory session held in Abuja on Friday for outgoing State Commissioners for Finance, Mr. David Olofu, the former Commissioner for Finance and Economic Planning in Benue State and the outgoing Chairman of the Forum, provided this advice.
Expressing appreciation to President Bola Tinubu for the subsidy removal, Olofu emphasized that as financial experts, the Forum, along with other Nigerians, had long awaited this development.
“We will like to sincerely commend the President for having the political will to do that, on the first day in office.
“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,” Olofu stated.
Also speaking on how the President should manage the funds from the subsidy, Olofu informed that the Constitution provided for all federation revenues to go into the federation account.
“Nobody has any authority whatsoever to deduct any amount from the 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.
However, he urged the Federal Government to 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 and7 knowledge that will enable her 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.”
Therefore, Olofu appealed to Nigerians for patience, saying, the long-term benefit of what has been done by the President far outweighs the short-term pains people were going through.
