FG denies claims of hidden spending and revenue diversion
The Federal Government has rejected reports alleging hidden spending and diversion of federation revenue, calling them misrepresentations of the World Bank’s latest Nigeria Development Update. In a statement from the Federal Ministry of Finance, signed by Taiwo Oyedele, the government clarified that statutory fiscal processes are being wrongly portrayed as financial leakages. The ministry emphasized that deductions from the federation account are legitimate and not evidence of missing funds. The statement also highlighted recent reforms and urged the public to avoid misinterpretation of fiscal data.
What we know
- The Federal Ministry of Finance dismissed claims of hidden spending and revenue diversion, describing them as misinterpretations of the World Bank report.
- Taiwo Oyedele stated that deductions from the federation account include statutory transfers, savings, investments, and other legitimate fiscal flows.
- The government highlighted that recent reforms, including a new Executive Order, are already improving transparency in petroleum revenue remittances.
- The ministry noted positive economic developments, such as diversified growth, easing inflation, and an improved debt-to-GDP ratio.
- Media organisations and stakeholders were urged to avoid spreading inaccurate information that could undermine ongoing reform efforts.
