Tag: Federation Accounts

‘₦20tr missing’: Agbakoba raises alarm over Federation Account leakages

Aminu Imam
Agbakoba raises alarm

Renowned legal practitioner and former Nigerian Bar Association (NBA) president, Olisa Agbakoba, has alleged that over ₦20 trillion may have been lost from Nigeria’s Federation Account through under-remittances, unauthorised deductions, and weak financial oversight. Speaking through a detailed policy statement released on Wednesday, Agbakoba questioned the management of Nigeria’s public revenues and warned that the country’s worsening debt crisis was being fueled by massive leakages from funds meant to accrue to the Federation Account. According to him, the Federation Account — established under Section 162 of the 1999 Constitution —…

Read More

‘NNPCL fails to remit ₦13.7tr to Federation Account’

Aminu Imam
NNPCL fails to remit

The Nigerian National Petroleum Company Limited (NNPCL) has failed to remit ₦13.763 trillion in revenue to the Federation Account, according to a document obtained from the Federal Accounts Allocation Committee, (FAAC), after its January 2025 meeting. The document reveals that between 2012 and 2024, NNPCL was expected to remit ₦27.28 trillion from domestic crude sales but deposited only ₦13.524 trillion, leaving a shortfall of ₦13.763 trillion. This comes amid recent allegations by the Auditor-General of the Federation, (AGF), who accused NNPCL of diverting ₦2.68 trillion and $9.77 trillion in the…

Read More

FG’s deduction from Federation Account to fund Police illegal – Court declares

Aminu Imam

…Orders refund of all deductions belonging to Rivers A Federal High Court in Abuja has proclaimed that the direct deduction of funds from the Federation Account to fund the Nigeria Police Force, (NPF), is illegal. The presiding judge, Ahmed Mohammed, via a judgement delivered yesterday, held that the provisions of section 4(1)(a), (b) of the Police Trust Fund Act 2019, requiring the deduction of 0.05 percent of any funds in the Federation Account and 0.005 percent of the net profit of companies operating in Nigeria to fund the Police are…

Read More

More than N1.5tr hit Federation Account in Q1, 2021 – RMAFC

Aminu Imam

The Revenue Mobilisation Allocation and Fiscal Commission, (RMAFC), has disclosed that the revenue generating agencies in the country made a total remittance of more than 1.5 trillion naira (N1, 538,021,801,518.37) into the Federation Account during the first quarter of 2021. The Chairman of the Commission, Engr. Elias Mbam disclosed this in Abuja while receiving a Revenue Performance report from the Post- Mortem Sub Committee of the Federal Account Allocation Committee, (FAAC), in Abuja recently. The report revealed that the Federal Inland Revenue Service made the highest remittance of seven hundred…

Read More

FG, states, LGs shared N3.88trn in six months – NEITI

Ishaku Yohanna

The Federation Accounts Allocation Committee shared N3.879trn to the Federal Government, states, local governments, and other statutory recipients in the first half of this year, the Nigeria Extractive Industries Transparency Initiative has said. A breakdown of the disbursements showed that N1.53tn went to the Federal Government, while the states got N1.29tn and the 774 local government areas received N771.34bn. This is contained in the latest edition of the quarterly review of NEITI in Abuja on Tuesday. The review stated that the N1.53tn received by the Federal Government in the first…

Read More