Where Did ₦20 Trillion Vanish? Nigeria’s Federation Account Under Fire
I want us to answer one simple question: where does our federation revenue go? Every kobo of oil sales, customs duties, company taxes and regulatory fees should flow into the Federation Account before sharing with states and local governments. But in 2025, almost ₦15 trillion never arrived. NNPCL under-remitted ₦500 billion in one year, and an ongoing probe alleges $42 billion was unpaid between 2011 and 2017. Meanwhile, Nigeria’s public debt stood at ₦159.27 trillion by the end of 2025. Debt service now consumes nearly 70% of federal revenue, forcing us to borrow just to replace revenues already collected. We are effectively paying interest on our own money. A constitutional loophole allows agencies to deduct “management fees” and open parallel accounts. The 2015 Treasury Single Account reform reduced some leakages but did not close the legal gap. A policy paper by Dr Olisa Agbakoba SAN proposes clear rules on custody, auditing and transparency. What do you think? Tag your senator and governor.
Use The App To Win ₦1m
Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.