NECA Director-General, Adewale-Smatt Oyerinde
Nigeria Employers’ Consultative Association (NECA) has called on state and local governments to publicly account for the ₦10.4 trillion they received from funds generated after the removal of the petrol subsidy.
The association made the demand after the Minister of Finance and Coordinating Minister of the Economy, Wale Edun disclosed that the subsidy removal generated ₦15.8 trillion for the Federation between June 2023 and December 2025.
Speaking during an interview on Channels Television’s Sunrise Daily on Thursday, NECA Director-General, Adewale-Smatt Oyerinde, said the minister’s disclosure should encourage governors and local government authorities to be transparent about how the allocations were utilised.
According to figures released by the minister, the Federal Government retained ₦5.4 trillion, while the remaining ₦10.4 trillion was distributed to state and local governments through the Federation Account.
Reacting to the revelation, Oyerinde said state commissioners for finance should also provide detailed accounts of the funds received and how they 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.
He compared the expected level of accountability in government to the financial reporting standards observed by private businesses.
“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.
Oyerinde maintained that beyond disclosing the amount received, state governments should also explain the challenges encountered and provide a breakdown of how the funds had been applied.
“And so this is how much we have received. These are the constraints we face, and this is how we have expended this amount. I think we should move progressively towards transparency in government,” he said.
The NECA Director-General also praised the Federal Government for allowing the Minister of Finance to publicly disclose details of the country’s finances, describing the move as a positive step towards strengthening transparency and accountability.
He noted that the detailed financial disclosures would enable Nigerians and other stakeholders to scrutinise public spending more effectively.
Oyerinde further urged citizens to actively engage state and local governments on the management of public resources, stressing that meaningful development begins at the grassroots.
“I also put citizens, and I must say this, citizens are also in a good position now to engage constructively, engage the state governments constructively, and also engage local governments constructively, because that is where development should actually start,” Oyerinde said.
