By Emma Ujah
Edo State Governor, Comrade Adams Oshionhole, yesterday, demanded more transparency from the Federal Government in the administration of the Federation Account.

Speaking during a courtesy visit to the Governor of Central Bank of Nigeria, CBN, Malam Sanusi Lamido Sanusi in Abuja, Governor Oshiomhole said the current handling of the account into which all federally generated revenue are paid was unsatisfactory.

His words: “I have no apologies for my position. I’m not satisfied with the present situation of things. There are lots of abuses presently.

“The Federal Government must open up the books and be more transparent in managing the federation account in line with its avowed stand on due process and openness if we are to move forward and enjoy the full benefits of our commonwealth.”

He equally called for a new revenue sharing formula that would put more money in the hands of states and local governments, as according to him, they made the greatest impacts on development of the grassroots.

According to him, apart cleaning up the system to check systemic abuses of existing processes in managing the federation account, radical changes and review of the existing revenue allocation formula was also required to engender sustainable development and growth at the grassroots.

He added that although the federal government appeared to be in no hurry to back a more progressive revenue formula because of its enlightened self interest, things would be better for the country if greater attention was paid to allocation of more funds to levels of governments that directly deal with and impact on the people.

He also commended the CBN boss for his courage in undertaking the current reforms which have restored greater confidence back in the banking sector adding that measures taken by the apex bank have ensured that hitherto privatized funds were now available for access by Nigerians for developmental purposes.

The governor therefore urged well-meaning Nigerians to support the CBN in the fight to cleanse the banking system and make top political office holders and business executives accountable to the Nigerian people.

In his remarks, Malam Sanusi, said he would not compromise the sanitization of the sector, in spite of opposition from vested interests.

The CBN boss assured that the bank would continue to confront all interest that were inimical to the sound and safeness of the banking sector.