Subsidy removal: All accruals should go into federation account - Finance Commissioners

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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 should

The outgoing Chairman of the Forum, David Olofu, made the call Thursday night in Abuja.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.

On how the President should manage the funds from subsidy, Olofu said that the Constitution provided for all federation revenues to go into the federation account.“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.

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. “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.

“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.”

 

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