Erstwhile Nigerian Bar Association (NBA) President Olisa Agbakoba has expressed concern over revenue leakages and fiscal collapse of the economy, saying the development is costing the country about N20 trillion annually.

Speaking on Eagle 102.5 FM, Ilese Ijebu, he blamed institutional inefficiencies, oil sector manipulations, and weak enforcement of constitutional revenue rules for the losses. Agbakoba explained that the constitutional framework clearly establishes a Federation Account into which all government revenues are expected to be paid without deductions.

He said: “The Nigerian Federation has an account itself. It is in Section 162 of the constitution and it says all monies, everything, and all our monies coming from all kinds of sources shall be pinned into this account without any deduction. “But the problem is how far this account is really receiving money? Well, the problem is that it is not, and the two big culprits in this process are the NNPC.

“Which is a terrible culprit, which is what led to President Tinubu sacking the entire NNPC board headed by Mele Kiyari, and the EFCC is even at this time charging one particular person.” He said, despite this clarity, compliance has been inconsistent, creating room for financial leakages across key revenue-generating institutions.

He further stated that Nigeria’s fiscal contradiction lies in the fact that the country continues to borrow heavily despite having sufficient revenue sources if properly managed.

The lawyer compared the situation to a household with funds in its account, still resorting to borrowing. Agbakoba said: “We are borrowing a lot of money, as you know. We now own about N160 trillion, and we are continuing to borrow.

“So, the question is whether this is the right way to go despite us having revenue to meet our needs. “So, it’s like me, you know, I’m the president of my household and I have enough resources in my bank account to meet the needs of my family, but I’m borrowing, and the question would be, why am I doing that?”