unanimously resolved that private sector investors granted
licenses to build new refineries shall, within a period of three
years, build such refineries or automatically forfeit such
licenses to enable other participants who are ready and willing
to build such refineries to do so.
Conference observed that the issue of total subsidy removal on
petroleum products has been a recurring decimal on the
programmes of successive governments over the years; and that
there are merits in the arguments of both the protagonists and
The decision of the Conference was drawn from the observation
that sustained subsidy retention has become a major drain on the
nation’s lean resources which cannot be left to continue
It was argued that although the subsidy regime has been fraught
with massive corruption and may not necessarily be to the
advantage of the poor masses as often indicated, immediate
removal of subsidy without requisite mitigating infrastructure
was bound to have a spiral effect that may see prices of
essential commodities rising with attendant effect on the poor
The Conference also resolved that two Accountant Generals, one
for the Federation and another for the Federal Government be
appointed henceforth subject to the approval of the Senate, for
a single term of six years.
Based on arguments over the non-functionality of the Revenue
Mobilisation, Allocation and Fiscal Commission (RMAFC) due to
the overbearing attitude of the Executive Arm of Government,
Conference decided that RMAFC should be placed on first-line
Conference however rejected an amendment by a member that
salaries and allowances of political office holders be placed at
par with that of senior civil servants through amendment of
Section 70 of the 1999 Constitution.
Also rejected was the recommendation that the Fiscal
Responsibility Act of 2007 should be enshrined in the 1999
Constitution although it was resolved that its adherence be
It was also the decision of the Conference that henceforth,
government agencies responsible for revenue generation and
collection must comply with Section 162(3) of the 1999
Constitution which requires them to remit gross revenue in full
to the Federation Account and resort to normal budget process of
obtaining budget approval from the National Assembly to fund
Consequently, Conference resolved that all the sections of the
enabling Acts of these departments and agencies of government
that allow them to retain revenues and surplus to fund their
operations be amended.
A recommendation that licensed professionals be engaged as tax
administrators or consultants was rejected by the delegates;
also rejected was the call for establishment of revenue courts
for expeditious disposition of tax issues.
It was also the decision of Conference that the current 1.68%
charge from the Federation Account for the development of solid
minerals nationwide be increased to 5% while government should
commence immediate utilization of the fund for the purpose it
The plenary session on Tuesday also approved the recommendation
that solid minerals and mines should be included in the
Concurrent Legislative List.
On the Sovereign Wealth Fund, Conference agreed that 50% of
accruals from excess crude account should be taken to the fund
while equivalent percentage of earnings from solid minerals
should also be taken to the fund.
To boost mechanized farming across the country, Conference
resolved and adopted the recommendation for establishment of
Agricultural Development Fund and that 10% of the money from the
excess crude account should be set aside for the fund.
It was also agreed that Section 85(3) be deleted from the 1999
Constitution to enable the Auditor General of the Federation to
audit or appoint external auditors to audit Federal Government
accounts in statutory bodies.
The section states that: “Nothing in this sub-section shall be
construed as authorizing the Auditor General to audit the
accounts of or appoint auditors for government statutory
corporations, commissions, authorities, agencies, including all
persons and bodies established by an Act of the National
To enhance the performance of the economy, it was agreed that
government should source for funds to revamp Ajaokuta Steel
Projects and other steel projects through public private
On the recommendation of the Committee that government was free
to engage in external borrowing, the Conference resolved that
government was not completely at liberty to borrow but that a
ceiling has to be placed on how much government should borrow.
To monitor projects tied to borrowed funds, the Conference
agreed that Debt Management Offices be established in each state
of the Federation without further delay.
In a bid to eliminate corruption in the country, the Conference
said the National Assembly should enact what it called
Ill-Gotten Gain Act such that individuals can be held to explain
the sources of their wealth.
ASSISTANT SECRETARY, MEDIA AND COMMUNICATION
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