He also commended the RMFAC and the Post-Mortem Sub-Committee for facilitating refunds to sub-national entities.
By Karo Oghenetega
Delta State Governor, Rt. Hon. Sheriff Oborevwori, on Thursday, emphasized the need for effective management of the Federation Account to ensure sustainable development in Nigeria.
Governor Oborevwori delivered this message at a retreat for members of the Federal Account Allocation Committee (FAAC) (Post-Mortem) Sub-Committee held in Asaba.
He highlighted that the retreat’s theme, “Efficient Management of Federation Account,” is both relevant and timely, as FAAC serves as the primary revenue source for federal, state, and local governments to finance development projects.
Represented by the Secretary to the State Government, Dr. Kingsley Emu, Oborevwori praised FAAC for its thorough analysis of Revenue Generating Agencies during their monthly meetings and periodic performance reviews.
He also commended the RMFAC and the Post-Mortem Sub-Committee for facilitating refunds to sub-national entities, especially oil-producing states, which has bolstered their capacity to deliver significant projects to the public.
Oborevwori noted that Delta State, being a major oil-producing state, has significantly contributed to the Federation Account. He added that the retreat provided an opportunity for the state to engage with the account’s managers.
“The retreat affords FAAC Post Mortem Sub-committee members to review the past records especially from January 2021 to December 2023 and ensure all areas of revenues not captured are identified.
“It also avails the Committee the opportunity to look at the areas that need improvement,” he said.
In guiding the Committee towards efficient management of FAAC, Governor Oborevwori urged the FAAC Post-Mortem Sub-Committee to ensure that all generated funds are promptly paid into the Federation Account and that the correct sharing formula is applied.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, represented by Delta State Commissioner for Finance, Chief Fidelis Tilije, noted that the retreat provides a valuable platform for discussing the efficient management of the nation’s finances.
He encouraged the Committee to propose innovative solutions and collaborative approaches to enhance the nation’s financial system.
In his address, RMFAC Chairman, Mr. M.B. Shehu, remarked that the retreat is taking place at a crucial time as the nation continues to navigate the complexities of the fiscal landscape to strengthen Nigeria’s financial architecture.
Shehu said: “Our collective work is crucial in ensuring that the financial resources of Nigeria are managed in a manner that promotes sustainable growth, economic stability, and improved welfare for all citizens.
In his keynote address, Chairman of the Federal Account Allocation Committee (FAAC) (Post-Mortem) Sub-Committee, Alhaji Kabir Muhammad Mashi, emphasized that the Federation Account is the cornerstone of the nation’s fiscal structure, acting as the main channel for revenue distribution to the three tiers of government.
“As custodians of this vital resource, we are entrusted with the sacred duty of ensuring transparency, accountability and prudence in its management”, he said.
Director-General of the Nigeria Governors’ Forum (NGF), Dr. Abdulateef Shittu, represented by Mrs. Olubunmi Akanbi, stated that the NGF has consistently enhanced the State Fiscal Accountability and Sustainability (SFTAS) Programme, resulting in states now publishing their annual budgets in line with international best practices.
He affirmed that the NGF would always support policies that ensure adequate revenue inflow into the Federation Account and prompt disbursement of allocations. This support aims to help states maximize their economic potential and provide a conducive and high-quality living standard for their citizens.
The retreat is being attended by members of RMFAC, including Mr. Andrew Agbaga, the Federal Commissioner representing Delta State in the Revenue Mobilization Allocation and Fiscal Commission.
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