Taiwo-Oyedele Tax.webp
The Digest:

The Federal Ministry of Finance has rejected claims that Nigeria's federation revenues are being diverted or hidden, describing interpretations of a World Bank report as misleading. Minister of State for Finance Taiwo Oyedele said deductions from the Federation Account Allocation Committee (FAAC) cited in the report are legitimate fiscal obligations, including statutory transfers, security expenditures, and refunds to states. The ministry accused commentators of selectively using outdated data while ignoring recent reforms that the World Bank said are working.

Key Points:
  • The government insists FAAC deductions are legal, not missing funds.
  • Refunds and transfers to states are backed by law, not leakages.
  • The World Bank reportedly says reforms are working, not failing.
  • Inflation is gradually declining, and external reserves have strengthened.
  • The FG warns that misinterpretation could undermine economic reforms.
The government urges the media and the public to engage responsibly with fiscal data to avoid undermining confidence in reforms.

Sources: Premium Times, Channels TV