Speaking at a valedictory session for outgoing finance commissioners in Abuja, the forum's outgoing chairman, David Olofu, commended President Tinubu for taking the bold step of removing the subsidy.
He emphasised the need for the funds to be managed according to the Constitution, which states that all federation revenues should be deposited into the federation account.
Olofu also stressed the importance of developing policies and programs to address the challenges faced by Nigerians due to the increased fuel prices resulting from the subsidy removal.
The incoming chairman of the forum, Wale Akinterinwa, echoed Olofu's sentiments, describing the subsidy removal as a necessary action that would benefit everyone in the long run, despite the short-term challenges.
Mohammed Shehu, chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), expressed hope that the subsidy removal would contribute to reducing federal imposition and increasing states' internally generated revenue and economic diversification.
He urged states to utilise the funds properly to create job opportunities and enhance the overall functioning of the federation.
Governor Umar Namadi commended the outgoing chairman for his innovative and professional approach to the organisation, urging the forum to build on his legacy.
The event was attended by notable figures such as the Accountant General of the Federation, Oluwatoyin Madein, as well as representatives from the Central Bank of Nigeria (CBN) and the Federal Inland Revenue Service (FIRS).
The call from the Finance Commissioners highlights the importance of transparent and accountable management of the funds generated from the fuel subsidy removal, with a focus on addressing the immediate challenges faced by Nigerians and promoting long-term development and economic growth in the country.
(NAN)