The Kogi State governor, Yahaya Bello has charged federal government through the federal ministry of finance to ensure transparency and full disclosure in the management of the nation’s resources.
Bello, who stated this at the 3rd Annual GYB seminar for Nigeria’s Political and Crime Correspondents/Editors, in Abuja at the weekend, noted that, it is critical for the country to have audited financial account every year to give full disclosure of income and expenses, adding that, with this, Nigerians can follow up on the activities and checkmate excesses.
Hoping that the new administration under President Bola Ahmed Tinubu will reinvent the wheel by starting the process of having a national audited financial statement that will be made public annually, this, he added, will enhance corporate governance at the national level, attract local and foreign investment while Nigerians can track how revenues are spent.
Saying Kogi State, since his assumption of office in 2016, has consistently issued audited annual financial accounts, which has entrenched transparency and accountability in governance, he urged the federal government to emulate this, thereby, marking a new era in national corporate governance.
He had earlier called on the federal government to immediately commence the implementation of true fiscal federalism to allow sub nationals raise their internally generated revenues to finance development projects in states using their abundant natural resources.
If the Bola Ahmed Tinubu-led government accepted fiscal federalism, most of Nigeria’s development finance problems would be solved.
Emphasising that if fiscal federalism is practised, the narrative of depending on oil revenue to govern the nation’s states and local government administrations would automatically change, he urged government to accept the principle of fiscal federalism.
This, he pointed out, would ensure that all the states control the resources in their domain and in turn, pay royalties to the federal government which would strengthen political stability and development in the country.
His administration in Kogi State, through tax return of mineral resources, he said, increases the state revenue from N250 million per month to over N1.5billion.