By Blessing Obams, JKNMedia Reporter
FOR BETTER and effective management of the Federation Account to ensure sustainable development across Nigeria, Delta State Governor Sheriff Oborevwori has made a passionate appeal.
Addressing the Federal Account Allocation Committee (FAAC) (Post-Mortem) Sub-Committee retreat in Asaba on Thursday, he emphasized the critical role of FAAC in funding developmental projects for federal, state, and local governments.
Represented by Dr. Kingsley Emu, Secretary to the State Government (SSG), Governor Oborevwori commended FAAC for its thorough analysis of revenue-generating agencies and its periodic performance reviews, highlighting the retreat’s theme, “Efficient Management of Federation Account,” as particularly relevant given FAAC’s significance in distributing the nation’s revenue.
He also acknowledged the efforts of the Revenue Mobilization Allocation and Fiscal Commission (RMFAC) and the Post-Mortem Sub-Committee, noting their contributions to the refunds received by sub-national entities, especially oil-producing states like Delta.
These refunds, he said, have bolstered the state’s ability to implement legacy projects for its citizens.
He stressed that Delta State’s substantial contributions to the Federation Account, due to its status as a major oil producer, make such interactions with account managers essential.
The retreat, spanning records from January 2021 to December 2023, provided a platform to identify unrecorded revenue areas and explore improvement opportunities.
Oborevwori urged the FAAC Post-Mortem Sub-Committee to ensure all generated funds are promptly deposited into the Federation Account and distributed according to the appropriate sharing formula.
Finance Minister and Coordinating Minister of the Economy, Wale Edun, represented by Delta State’s Finance Commissioner, Chief Fidelis Tilije, reinforced the retreat’s significance and encouraged the committee to develop innovative and collaborative solutions to enhance the nation’s financial system.
RMFAC Chairman, M.B. Shehu, highlighted the retreat’s timing, stressing its importance as Nigeria navigates fiscal challenges. He underscored the need for effective financial resource management to promote sustainable growth and economic stability.
In his keynote address, FAAC Post-Mortem Sub-Committee Chairman Alhaji Kabir Muhammad Mashi described the Federation Account as the nation’s fiscal lifeline, crucial for revenue allocation across government tiers. He emphasized the committee’s responsibility to ensure transparency, accountability, and prudence in managing this vital resource.
Dr. Abdulateef Shittu, Director-General of the Nigeria Governors’ Forum (NGF), represented by Mrs. Olubunmi Akanbi, noted the NGF’s ongoing efforts to improve State Fiscal Accountability and Sustainability (SFTAS). He affirmed the NGF’s support for policies that ensure adequate revenue flow into the Federation Account and timely allocation disbursements, enabling states to optimize their economic potential and provide better living standards for their citizens.
The retreat saw attendance from RMFAC members, including Andrew Agbaga, the Federal Commissioner representing Delta State in the Revenue Mobilization Allocation and Fiscal Commission.
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