Former Vice President Atiku Abubakar, on Wednesday, called on the National Assembly to intensify oversight of Nigeria’s revenue management, citing recent findings by the World Bank, which he described as deeply troubling.
Reacting to the report, Atiku said the country’s fiscal reality reflects a contradiction where rising revenues are not translating into improved welfare for citizens, raising concerns about transparency and accountability.
The chieftain of the African Democratic Congress said this in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu.
He said, “What the World Bank has revealed is both alarming and unacceptable. Nigeria is earning more revenue today, yet the Nigerian people are receiving less benefit from it. This contradiction points not just to inefficiency, but to a system vulnerable to abuse, leakage, and the possible diversion of public funds.
“The report confirms what many Nigerians have long suspected: that the administration of Bola Ahmed Tinubu operates an opaque financial structure that enables systemic corruption.”
Aligning with the World Bank’s recommendations, he called for urgent structural reforms.
“All agency funding must be brought under the formal budgetary process. Cost-of-collection mechanisms must be reviewed and reduced, and the National Assembly must exercise full oversight over every naira earned by this country. Anything less will only sustain a system where opacity thrives and public trust is eroded,” he stated.
The former VP noted that excessive deductions from national revenue before distribution through the Federation Account have significantly reduced what is available for governance and development across all tiers.
He said, “When large portions of national income are deducted at source, outside full legislative scrutiny, it creates fertile ground for opacity, unaccounted spending, and financial recklessness. That is how nations lose track of their own wealth.
“This is not just a technical fiscal issue, it is a moral one. A government cannot ask citizens to endure painful economic reforms while the gains of those reforms are trapped in a system that lacks transparency and accountability.”
He concluded with a warning on the direction of the country’s economic management.
“We cannot continue on a path where rising revenues coexist with deepening poverty. When the books are full but the people are empty, it raises serious questions about where the money is truly going. The purpose of governance is not to accumulate figures, but to improve lives and that purpose is clearly being defeated,” he said.
The call comes amid growing concerns over Nigeria’s fiscal condition following recent data highlighting worsening poverty levels despite moderating inflation.
Five days earlier, Atiku had raised alarm over rising poverty after a World Bank report estimated Nigeria’s poverty rate at 63 per cent.
In its report titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,” released in Abuja, the World Bank said poverty rose from 56 per cent in 2023 to 61 per cent in 2024, before reaching 63 per cent in 2025—affecting about 140 million Nigerians.
The report noted that the increase occurred even as inflation began to ease, signalling a widening disconnect between economic reforms and their impact on household welfare.
