'Why We Oppose Sovereign Wealth Fund'
WHILE many are of the view that the Governors' Forum goaded the Federal Government into enforcing the policy on fuel subsidy removal, in order to have enough money to pay minimum wage among sundry needs, the governor of Ekiti State, Kayode Fayemi, has denied such insinuation, stating that governors do not make policies for the Federal Government.
In an exclusive chat with the Guardian, he said even though governors support the removal, their main goal is to enthrone fiscal federalism and a review of the revenue allocation formula.
He said, "You know it is a perennial argument that had always been coming up and down for years. And when you really look at those who are the ultimate beneficiaries, they are not poor people.
"Let's not confuse issues; governors did not originate the removal of fuel subsidy. They supported it; and governors operate by consensus; you would not know whether there are governors opposed to it or not, because they are not going to come out and tell you that they are not part of the position that the Governors' Forum has taken; we don't operate that way. And it is important for us to operate on the basis of consensus because the issues we are driving are issues that are pertinent to all of our people.
"My preference is for fiscal federalism and review of revenue allocation formula than removal of subsidy, even if it is an appropriate long-term plan.
"On the question of Sovereign Wealth Fund (SWF). Journalists misconstrue the argument; they think governors don't want savings. No governor that I know has argued against the SWF; who actually would be in charge of what is going to be saved? Is it Federal Government; don't we have a role to play in it; if we have a role to play in it, why don't we have our own Federal Governor's SWF, and the Federal Government would have its own fund. And that is an argument that has been missing in all the criticism of governors because the perception is that governors just want to take the money and spend; they don't care about the future generation, infrastructure, or any other thing. So it is a credibility gap that we are suffering from."
The Guardian