Subsidy Savings: Account for ₦10.4tn received, NECA tells states, LGs

By Olayinka Ajayi

The Nigeria Employers’ Consultative Association (NECA) has urged state and local governments to account for the ₦10.4 trillion shared among them from savings generated by the removal of the petrol subsidy.

Director-General of NECA, Adewale-Smatt Oyerinde, made the call in an interview on Channels Television’s Sunrise Daily on Thursday.

He 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 disclosed on Wednesday that the Federal Government received ₦5.4 trillion of the amount, while ₦10.4 trillion was distributed to state and local governments through the Federation Account.