Subsidy Savings: Account for ₦10.4tn received, NECA tells states, LGs

By Olayinka Ajayi

The Nigeria Employers’ Consultative Association (NECA) has urged state and local governments to account for the ₦10.4 trillion shared among them from savings generated by the removal of the petrol subsidy.

Director-General of NECA, Adewale-Smatt Oyerinde, made the call in an interview on Channels Television’s Sunrise Daily on Thursday.

He was reacting to the disclosure by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, that the removal of the petrol subsidy generated ₦15.8 trillion for the Federation between June 2023 and December 2025.

Oyedele had disclosed on Wednesday that the Federal Government received ₦5.4 trillion of the amount, while ₦10.4 trillion was distributed to state and local governments through the Federation Account.

Oyerinde said the disclosure had created an obligation for state governments, particularly commissioners for finance, to publicly account for how the funds received were utilised.

“Absolutely. I think it should trickle down. The commissioners of finance in states, you come out and also say, this is how much we’ve received; this is how much we have spent,” he said.

The NECA boss likened the demand for accountability to the financial reporting obligations of private businesses, noting that companies routinely audit their accounts and present performance reports to shareholders.

“We believe strongly that as private businesses, at the end of the year you audit your accounts, you present your scorecard to your shareholders to gauge what we have done.

“The Minister of Finance has led the way now, and the states also should follow,” he said.

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