The Nigeria Employers’ Consultative Association (NECA) has urged state and local governments to transparently account for the ₦10.4 trillion they received from revenues generated after the removal of the petrol subsidy.
NECA Director-General Adewale-Smatt Oyerinde highlighted this during a session on Channels Television’s *Sunrise Daily* program on Thursday.
This appeal follows the announcement from the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, who revealed that eliminating the petrol subsidy would result in **₦15.8 trillion** generated for the Federation between June 2023 and December 2025.
Distribution of the ₦15.8tn
Minister Oyedele stated that the Federal Government would receive **₦5.4 trillion**, while **₦10.4 trillion** would be allocated to state and local governments via the Federation Account.
Oyerinde wants state governments to disclose how these funds were utilized, emphasizing transparency for Nigerians.
He specifically called on state finance commissioners to publish detailed records of the received funds and the specific projects or initiatives funded.
“Absolutely. It should trickle down. Let the finance commissioners reveal how much was received and spent,” he stated.
NECA Advocates for Spending Transparency
The NECA chief compared public-sector accountability to corporate financial reporting, where companies routinely audit and disclose financial outcomes to shareholders.
He suggested a similar system for governments, recommending regular financial reporting to citizens.
Oyerinde stressed the importance of states detailing received funds, challenges encountered, and fund utilization for enhanced public understanding of resource management.
Encouraging Citizens to Seek Accountability
Praising the Federal Government for its financial transparency, as shared by the Finance Minister, Oyerinde pointed out how these details empower citizens, businesses, and stakeholders to evaluate government performance effectively.
He encouraged Nigerians to use this information constructively in discussions with state and local governments about fund management.
Oyerinde highlighted that grassroots development hinges on transparency at state and local levels, noting its particular significance amid ongoing debates over the economic impact of the petrol subsidy removal and the subsequent distribution and use of additional revenues across the nation.
