Fuel Subsidy: States’ finance commissioners back Tinubu, urges remittance to federation account

Forum of Commissioners for Finance, yesterday, threw their weight behind the decision of President Bola Ahmed Tinubu to remove fuel subsidy. Led by Mr. David Olofu, the forum called on the Federal Government to ensure that all accruals from the removal of fuel subsidy go to the federation account.

Olofu, the immediate past Commissioner for Finance and Economic Planning, Benue State, argued that fuel subsidy removal was in the best interest of the country.

Justifying the call for all federation revenue to go into the federation account, he argued: “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.

He, however, said that the Federal Government should come up with policies and programmes that could address the challenges Nigerians are currently facing as a result of increase in the pump price of fuel due to the removal of subsidy.

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 work while leading the forum.

“He has actually elevated the forum to a much higher level than he met it. Be that as it may, I will try to ensure that I continue from where he stopped.

“I will continue to sustain the good relationship he has created with all the revenue generating agencies, as well as the Ministry of Finance and the Office of the Accountant General of the Federation,” he said.

Akinterinwa, who is the Commissioner of Finance, Ondo State, reiterated that the removal of fuel subsidy was an over due issue.

The Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mohammed Shehu, on his part, commended the forum for taking the issue of federation account very seriously.

He also said that the removal of fuel subsidy was good for the economy. Shehu urged states to ensure that the monies that will eventually go to the states are put to use properly.