The Nigeria Employers’ Consultative Association (NECA) has called on state and local governments to publicly account for the ₦10.4 trillion they received from savings generated by the removal of the petrol subsidy.
NECA Director-General, Adewale-Smatt Oyerinde, made the call during an interview on Channels Television’s Sunrise Daily on Thursday.
Oyerinde 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 said the Federal Government received ₦5.4 trillion, while ₦10.4 trillion was distributed to state and local governments through the Federation Account.
The NECA chief said the disclosure placed an obligation on state governments, particularly commissioners for finance, to explain publicly how the funds they received were spent.
“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.
Oyerinde compared the demand for accountability to the financial reporting requirements 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.”
He said the Minister of Finance had set an example by providing details of the Federal Government’s subsidy-related resources and expenditure, urging states to do the same.
“The Minister of Finance has led the way now, and the states also should follow,” he said.
The call comes amid increased public discussion over how the financial gains from petrol subsidy removal have been distributed and utilised across the different tiers of government.
Source: Nigeria Employers’ Consultative Association (NECA)
