The Forum of Commissioners for Finance of Nigeria has advised 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 who doubles as the past Benue Finance Commissioner gave the advice at a valedictory session for outgoing Finance Commissioners held in Abuja on Friday.
Olofu hailed President Tinubu for the bold move saying as finance experts, the forum, like other Nigerians, had long yearned for the subsidy to be removed.
“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.”
