Former Vice-President Atiku Abubakar has challenged the administration of President Bola Tinubu to publish a detailed account of federation revenues, deductions, savings and transfers.
Atiku, the presidential candidate of the African Democratic
Congress (ADC), said the latest July 2026 federation account figures had
deepened questions over the management of revenues accruing to the federation,
particularly funds generated following the removal of petroleum and energy
subsidies.
In a statement issued by Phrank Shaibu, his senior special
assistant on public communication, the former vice-president said his earlier
reconciliation of published federation account figures had identified about N28
trillion requiring explanation as of June 2026.
He said the July figures had pushed the cumulative amount
requiring transparent public accounting towards N30 trillion.
“The question President Tinubu must answer remains painfully
simple: Where is the money?” Atiku said.
For July 2026, gross statutory revenue stood at N4.359
trillion, while the Federation Account Allocation Committee (FAAC) approved
N3.007 trillion for distribution to the federal government, 36 states and 774
LGAs.
Atiku said the figures reinforced the need for a
comprehensive reconciliation of revenues flowing into the federation account
and deductions made before distribution.
“The madness continues. Month after month, trillions of
naira enter the Federation accounts, and month after month enormous amounts are
removed under different classifications before the balance is distributed,” he
said.
“Our reconciliation previously identified approximately N28
trillion requiring explanation up to June 2026. July shows that the pattern has
continued.
“The cumulative amount of Federation revenues, deductions,
savings, transfers and related funds requiring transparent reconciliation is
now approaching N30 trillion.
“If the Tinubu administration disputes that figure, the
answer is not another press statement. Publish the ledger.”
The former vice-president cited previous federation account
figures, including N2.068 trillion reported as available revenue in January
2024, of which N1.149 trillion was distributed.
He also pointed to June 2025, when N4.232 trillion was
reportedly available and N1.818 trillion was distributed, as well as June 2026,
when N4.501 trillion was reported as available and N2.551 trillion was
distributed.
“These are not accounting footnotes. This is the wealth of
the Nigerian people,” Atiku said.
‘WHERE IS THE SUBSIDY-REMOVAL WINDFALL?’
Atiku said the government must specifically account for
revenues and fiscal gains arising from the removal of petroleum and energy
subsidies.
He recalled that Nigerians were asked to endure the economic
hardship associated with the reforms on the promise that the resulting savings
and additional revenues would be deployed for development.
“President Tinubu did not ask Nigerians to endure the agony
of subsidy removal so that the proceeds could become unexplained stashed funds
beyond public scrutiny,” he said.
“The savings and additional revenues generated by these
reforms belong to the Nigerian people. They are not the private reserves of the
Presidency or any government agency. Where is the subsidy-removal windfall?”
Atiku also questioned the government’s borrowing despite
claims of increased revenues and savings.
“If these trillions genuinely exist as savings, where are
they and why is Nigeria borrowing so aggressively?” he asked.
“If the money has been transferred, who received it? If it
has been spent, what was it spent on? If it remains in government accounts,
what are the balances today?”
He challenged the administration to publish a month-by-month
and beneficiary-by-beneficiary reconciliation of federation revenues from June
2023 to date.
“For every naira removed before distribution, Nigerians
deserve to know the amount, beneficiary, purpose, date, destination and legal
authority,” Atiku said.
“Transparency is not achieved by attaching convenient
accounting labels to trillions of naira. It is achieved by opening the books.”
He said Nigerians had made enough sacrifices and deserved to
know how public funds are being managed.
“If the approximately N30 trillion is properly accounted
for, President Tinubu should publish the ledger and show Nigerians where every
naira went,” Atiku added.
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