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Confab adopts Finance Committee report, approves removal of subsidy

04 June 2014, 07:07

Abuja - The National Conference in Abuja on Tuesday adopted the amended report of its Committee on Public Finance and Revenue.

One of the recommendations was the conditional removal of petroleum subsidy by the Federal Government.

The committee had proposed immediate removal of petroleum subsidy, but the recommendation was amended following a motion by 24 delegates moved by Dan Nwanyanwu and supported by the majority.

The motion stated that the Federal Government shall within three years from the date it approved the recommendation build new refineries and repair existing ones to full capacity utilisation.

“That private sector entrepreneurs who have already been granted licences to build new refineries shall within a period of three years from date, build new refineries or automatically forfeit such licences.”

“This is to enable other participants who are ready and willing to build such refineries within a period of three years the opportunity to do so.”

“That upon fulfilment of the preceding conditions the Federal Government shall be free to remove any exiting subsidy from petroleum products,” the motion stated.

The conference called on the National Assembly to enact an “Ill-Gotten Gain Act” that will compel individuals to explain the sources of their wealth to check corruption in the country.

It recommended the appointment of two Accountants-Generals, one for the Federation and another for the Federal Government on a single term of six years.

This is to enhance accountability, transparency and avoid mistrust between the sub-nationals and the Federal Government.

-    NAN

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