Olarinde Idowu
Former Vice-President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has challenged President Bola Ahmed Tinubu’s administration to provide a detailed account of nearly N30 trillion in Federation revenues, deductions, savings, transfers and related funds.
Atiku made the demand in a statement issued on Wednesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, following the release of the July 2026 Federation Account figures. He said the latest figures had further increased concerns over the transparency and management of public revenues.
According to Atiku, his earlier reconciliation of publicly available Federation Account figures had identified about N28 trillion requiring explanation as of June 2026. He said the July figures had now pushed the cumulative amount requiring clarification towards N30 trillion.
The former vice-president questioned the whereabouts and utilisation of the funds, asking the Federal Government to explain whether the money had been saved, transferred, spent or remained in government accounts.
Atiku specifically called for the publication of a month-by-month and beneficiary-by-beneficiary ledger covering Federation revenues from June 2023 to date. He argued that such disclosure would enable Nigerians to understand how revenues accruing to the Federation had been managed.
He also raised questions about the financial gains associated with the removal of petrol and energy subsidies under the Tinubu administration. Atiku argued that Nigerians had been asked to endure the economic difficulties associated with the reforms on the understanding that the resulting savings and increased revenues would be redirected towards development.
He said greater transparency was therefore necessary to demonstrate how the additional revenues had been deployed and whether they had translated into tangible improvements in infrastructure, healthcare, education and public transportation.
The former vice-president also pointed to differences between revenues reported as available for distribution and the amounts eventually shared among the Federal Government, states and local government councils. For example, he cited January 2024 figures in which N2.068 trillion was reportedly available, while N1.149 trillion was distributed.
However, the Federal Government has maintained that deductions from Federation revenues are governed by applicable laws and fiscal arrangements. In 2026, President Tinubu also issued an executive order aimed at strengthening the management of petroleum revenues and addressing certain deductions and off-budget allocations from Federation oil and gas revenues.
Official Federation Account figures also show that gross revenue is not necessarily identical to the amount ultimately distributed, as items such as collection costs, refunds and other statutory adjustments can be deducted before allocation. For February 2026, for instance, the Federal Ministry of Finance reported a gross total of N2.230 trillion and a distribution of N1.894 trillion to the three tiers of government.
Atiku nevertheless insisted that the scale of the figures involved makes comprehensive public disclosure essential. He maintained that Nigerians have a right to know how Federation revenues are generated, deducted, transferred and ultimately spent.
The controversy comes amid heightened political scrutiny of the Tinubu administration as the country moves into another election cycle. Atiku is among the opposition figures challenging the president, making economic management and public accountability increasingly prominent issues in the political debate.
The demand has consequently placed renewed focus on the transparency of Nigeria’s revenue management system and the need for clear reconciliation of funds accruing to the Federation.
Whether the Federal Government will provide the detailed ledger requested by Atiku remains to be seen, but the controversy has once again highlighted the importance of accountability and transparency in the management of public resources.
