Former President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Peter Esele, says most Nigerians misunderstand the federation account.
Speaking during an interview on Arise Television on Monday, Esele stressed that federation account belongs to the three tiers of government -federal, state and local governments.
His remark is coming after , EO9, to safeguard and enhance oil and gas revenues for the Federation.
The order is said to curb wasteful spending, eliminate duplicative structures in this critical sector of the national economy, and redirect resources for the benefit of the Nigerian people.
Meanwhile, PENGASSAN, for remittance of oil and gas revenue to the Federation Account.
Airing his own opinion on the national debate, Esele said, “There is a widespread misconception about the federation account.
“It is a collective revenue pool for all three tiers of government, not a fund controlled solely by the federal government.
“When revenue enters the federation account, it is automatically subject to constitutional distribution across the three tiers of government, not retained exclusively by the centre.”
Eze Chidiebere Paul
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