In response to the recent announcement by the Federal Government to provide N5 billion as financial support to the 36 states, aimed at mitigating the impact of the removal of petrol subsidy, HEDA Resource Centre, has stressed the importance of transparent implementation frameworks and robust strategies to ensure accountability and effective utilization of these funds.
The decision to remove petrol subsidy has brought attention to the need for comprehensive and well-defined plans to channel resources for the betterment of the citizenry.
HEDA firmly believes that a clear road-map outlining how these funds will be disbursed and monitored is essential to prevent any misuse or mismanagement, diversion or corruption as experienced with previous similar measures like SURE-P amongst others.
In light of this, HEDA’s Chairman, Olanrewaju Suraju urged all State governments to put forth detailed implementation strategies that demonstrate their commitment to the responsible allocation of resources. Furthermore, the NGO challenged President Bola Tinubu to take a proactive step towards ensuring the effectiveness and transparency of the financial support initiative from the administrators of the fund.
“Transparent budgeting and regular updates on the utilization of the funds will foster public trust but also provide a mechanism for citizens to actively participate in overseeing the progress of projects aimed at easing the impact of the subsidy removal.”
“We propose the involvement of institutions like the Economic and Financial Crimes Commission (EFCC), the Nigerian Financial Intelligence Unit (NFIU), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to serve as a monitoring and evaluation team for the execution of these projects.” And further charge all stakeholders, community associations, professional groups, religious institutions and artisan/labour unions to actively engage the process and demand transparent and accountable administration of the funds.
“This approach will undoubtedly enhance accountability, curb corruption, and enhance the overall impact of the support initiative. We call upon all stakeholders, including government agencies, civil society organizations, and the general public, to collectively ensure that the allocated funds are utilized judiciously and in alignment with the intended goals.