SUNTV Global Channel | April 19, 2026
Nigeria’s has strongly rejected reports suggesting that large portions of the country’s revenue are being secretly diverted, describing such claims as a misinterpretation of data from the .
In a statement issued on Sunday, the Minister of State for Finance, , said recent media reports had wrongly presented findings from the World Bank’s Nigeria Development Update, particularly allegations pointing to so-called “hidden spending” within the federation’s finances.
According to the ministry, deductions made from the Federation Account Allocation Committee (FAAC) are legitimate and should not be described as missing or wasted funds. It explained that such deductions cover essential obligations including statutory transfers, security expenditures, cost-of-collection charges, refunds to government agencies, and financial support to states.
“These are lawful fiscal operations, not leakages,” the ministry stressed, noting that transfers and refunds to subnational governments are part of established financial structures.
The ministry also criticised what it described as selective interpretation of outdated data, warning that ignoring recent economic reforms paints an inaccurate picture of Nigeria’s fiscal position.
Highlighting ongoing improvements, officials pointed to reforms introduced in early 2026, including a new executive order aimed at improving transparency in petroleum revenue remittances. The World Bank, according to the ministry, noted that such reforms could boost government revenue by about 0.4 percent of GDP annually.
On the broader economy, the ministry said the report reflects positive trends, including more diversified growth, declining inflation, stronger external reserves, and a current account surplus. It also cited improvements in debt indicators, including a reduction in Nigeria’s debt-to-GDP ratio — the first in over a decade.
Contrary to alarmist interpretations, the ministry maintained that the World Bank did not conclude that Nigeria’s fiscal system is failing. Instead, it emphasised that reforms are yielding results but must be sustained to achieve inclusive economic growth.
Reaffirming its stance, the ministry pledged continued commitment to transparency, improved revenue generation, and efficient public spending, while urging the media and stakeholders to avoid misrepresenting fiscal data in ways that could mislead the public or undermine reform efforts.
