Employers’ body urges governments to disclose how subsidy savings were received and spent.
The Nigeria Employers’ Consultative Association (NECA) has urged state and local governments to account for the ₦10.4 trillion distributed to them from resources generated following the removal of the petrol subsidy.
NECA Director-General, Adewale-Smatt Oyerinde, made the call on Channels Television’s Sunrise Daily on Thursday, following the disclosure by Finance Minister Taiwo Oyedele that subsidy savings generated ₦15.8 trillion for the Federation between June 2023 and December 2025.
Oyedele said the Federal Government received ₦5.4 trillion, while ₦10.4 trillion was distributed to state and local governments through the Federation Account.
Oyerinde said the disclosure placed an obligation on state finance commissioners to publicly explain how much their governments received and how the funds were utilised.
He urged state and local governments to disclose the challenges they faced and provide details of their spending, saying greater transparency would enable citizens to engage governments more effectively on development.
The NECA boss commended the Federal Government for publicly disclosing details of its finances, describing the move as an important step towards greater transparency and accountability.
Oyedele had also disclosed that the Federal Government generated ₦3.1 trillion in additional independent revenue and borrowed ₦11.9 trillion between June 2023 and December 2025, while incremental expenditure during the period stood at ₦30.64 trillion.
He said the removal of the petrol subsidy and the unification of the foreign exchange market were among the major reforms introduced by the President Tinubu administration to address economic distortions and ease pressure on government finances.