The Nigeria Employers’ Consultative Association (NECA) has urged state and local governments to publicly account for the ₦10.4 trillion they received from resources generated following the removal of the petrol subsidy.   NECA Director-General, Adewale-Smatt Oyerinde, made the call during an interview on Channels Television’s Sunrise Daily on Thursday, following disclosures by Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele. Oyedele said the removal of the petrol subsidy mobilised ₦15.8 trillion for the Federation between June 2023 and December 2025. According to the minister, the Federal Government received ₦5.4 trillion, while ₦10.4 trillion was distributed to state and local governments through the Federation Account. Oyerinde said the disclosure should prompt state commissioners for finance to explain how much their governments received and how the funds were spent. > “The commissioners of finance in states, you come out and also say, this is how much we’ve received; this is how much we have spent,” he said.   The NECA chief compared the expected disclosure to financial reporting by private businesses, where companies present audited accounts to shareholders. He urged state governments to provide details of the funds received, the challenges encountered and how the money was utilised. Oyerinde also commended the Federal Government for publicly providing details of its finances, saying greater transparency would allow citizens and other stakeholders to scrutinise public spending. He encouraged Nigerians to engage state and local governments on how public resources are being used, stressing that development should begin at the grassroots. How the ₦15.8tn was accounted for Oyedele said the ₦15.8 trillion did not appear as a separate Federation Account credit labelled “subsidy savings”. Rather, it was reflected in the resources available to the three tiers of government. The minister also disclosed that the Federal Government generated ₦3.1 trillion in additional independent revenue during the period, while borrowing amounted to ₦11.9 trillion. Together, the additional revenue and borrowing increased the Federal Government’s resources by ₦20.4 trillion, against incremental expenditure of ₦30.64 trillion, according to Oyedele. President Bola Tinubu announced the removal of the petrol subsidy on May 29, 2023, shortly after his inauguration. The policy led to a sharp increase in petrol prices and contributed to higher transportation, logistics and production costs. The Federal Government has maintained that the reform was necessary to reduce fiscal pressure and redirect resources towards other priorities.