The Federal Government has dismissed claims that revenues in the Federation Account are being diverted through illegal deductions. It said all deductions made before sharing funds at the Federation Account Allocation Committee are lawful and backed by existing fiscal rules.
Minister of State for Finance Taiwo Oyedele explained in a statement that recent public comments were based on a wrong reading of a World Bank analysis. According to him the deductions highlighted in that report are legitimate fiscal obligations not hidden spending or leakages.
Oyedele said it is misleading to describe the items as waste or missing money. He noted that the figures cover statutory transfers savings investments security related spending and cost of collection charges. They also include refunds to ministries departments and agencies as well as targeted interventions intended to support state and local governments.
He stressed that refunds and transfers to states and other tiers of government are lawful repayments and allocations within the fiscal framework. The minister added that some commentaries relied on selective or outdated data and ignored recent reforms in public financial management.
One of the key changes he mentioned is a new Executive Order on petroleum revenue remittances which is expected to raise distributable income for all levels of government by about 0.4 percent of GDP every year. Oyedele said the World Bank itself acknowledges that reforms introduced in early 2026 are already addressing concerns around deductions and improving transparency.
He warned that focusing only on isolated parts of the World Bank report without recognising the ongoing reforms presents a distorted view of Nigeria’s finances. He pointed out that the broader message of the report is largely positive.
According to the statement the World Bank notes signs that economic growth is becoming more broad based inflation while still high is gradually easing and Nigeria’s external position has strengthened with better reserves and a current account surplus. It also records a decline in the country’s debt to GDP ratio for the first time in more than 10 years due to macroeconomic reforms.
Oyedele said the World Bank does not claim that Nigeria’s fiscal system is collapsing or that reforms have failed. Rather it concludes that the reforms are working and should be sustained and deepened so that macroeconomic gains translate to inclusive growth.
The Federal Government appealed to the media and other stakeholders to interpret fiscal data carefully and avoid spreading narratives that could weaken public confidence. It restated its commitment to improving revenue mobilisation and ensuring efficient public spending while warning that inaccurate commentary can create unnecessary tension and confusion.
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