FG Reacts to World Bank Report, Clarifies Secret Spending Claims
The Nigerian government has dismissed claims of hidden spending and revenue diversion following a World Bank report, clarifying that FAAC deductions are legitimate fiscal obligations. The government has also highlighted ongoing reforms aimed at improving transparency and revenue management.
The Nigerian government has rejected allegations of secret spending and revenue diversion following a World Bank report. Minister of State for Finance, Taiwo Oyedele, stated that deductions by the Federation Account Allocation Committee (FAAC) are legitimate fiscal obligations, not leakages. The World Bank report acknowledged ongoing reforms to improve transparency, including a 2026 Executive Order to strengthen petroleum revenue remittances. These reforms are expected to increase distributable revenue by 0.4% of GDP annually. Oyedele urged media organisations to ensure accurate reporting of fiscal issues to avoid misleading narratives. The government remains committed to fiscal transparency, revenue mobilisation, and efficient public spending.
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