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Delta State Governor, Rt. Hon. Sheriff Oborevwori has said that an effective management of the Federation Account will help to promote  sustainable development of Nigeria.

Governor Oborevwori gave the charge Thursday, June 27, 2024 at the retreat for members of Federal Account Allocation Committee (FAAC) (Post-Mortem) Sub-Committee held in Asaba.

He said the theme of the retreat “Efficient Management of Federation Account” was apt and timely as FAAC remains the major source of revenue for the federal, state and local governments to fund developmental projects.

Represented by Secretary to the State Government, Dr Kingsley Emu, Oborevwori lauded FAAC for its role in carrying out in-depth analysis of revenue generating agencies as presented during their monthly meetings and periodic review of performances of the Revenue Generating Agencies.

He appreciated RMFAC and the Post Mortem Sub-committee for being instrumental to the refunds being received by the sub-nationals, especially the oil-producing states which has enhanced the capacity of government to deliver legacy projects to the people.

According to him, Delta State as a major oil producing state has contributed immensely to the Federation Account, adding that the retreat affords the state the opportunity to interact with the managers of the account.

“The retreat affords FAAC Post Mortem Sub-committee members to review the past records especially from January 2021 to December 2023 and ensure all areas of revenues not captured are identified.

“It also avails the Committee the opportunity to look at the areas that need improvement,” he said.

In guiding the Committee for efficient management of FAAC, Oborevwori tasked the FAAC Post-Mortem Sub-Committee to “ensure that all funds generated were paid to the Federation Account promptly and application of right sharing formula.

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun represented by Delta State Commissioner for Finance, Chief Fidelis Tilije, said the retreat provides a valid platform for discussion for efficient management of the nation’s finances.

He tasked the Committee to proffer innovative solutions and collaborative approaches to strengthen the nation’s financial system.

In his address, RMFAC Chairman, Mr M.B. Shehu said the retreat came at a pivotal moment as the nation continue to navigate the complexities of the fiscal landscape to strengthen the financial architecture of Nigeria.

Shehu said: “Our collective work is crucial in ensuring that the financial resources of Nigeria are managed in a manner that promotes sustainable growth, economic stability, and improved welfare for all citizens.

Earlier in his keynote address, Chairman Federal Account Allocation Committee (FAAC) (Post-Mortem) Sub-Committee, Alhaji Kabir Muhammad Mashi, said the Federation Account is the lifeblood of the nation’s fiscal architecture, serving as the primary conduit for revenue allocation to the three tiers of government.

“As custodians of this vital resource, we are entrusted with the sacred duty of ensuring transparency, accountability and prudence in its management”, he said.

Director-General Nigeria Governors’ Forum, NGF, Dr Abdulateef Shittu, represented by Mrs Olubunmi Akanbi, said the NGF has continually improved State Fiscal Accountability and Sustainability (SFTAS) Programme leading to states now publishing their annual budgets according international best practices.

He said the NGF would always support any policies that will ensure adequate revenue inflow into the Federation Account and prompt disbursement of allocations to enable states maximise its economic potentials and provide conducive and quality living standards for their citizens.

The retreat is being attended by members of RMFAC including the Federal Commissioner representing Delta State in the Revenue Mobilization Allocation and Fiscal Commission, Mr Andrew Agbaga.