FG Dismisses Misinterpretation of World Bank Report on Federation Earnings

The Federal Government says claims of diverted federation earnings misinterpret the World Bank’s latest Nigeria Development Update. The Minister of State for Finance, Taiwo Oyedele, says deductions by the Federation Account Allocation Committee cover statutory transfers, security spending, savings, investments, refunds and other legitimate obligations. He adds that some analyses rely on outdated data and overlook ongoing financial management reforms. The World Bank itself praises recent policy steps, including an executive order to safeguard petroleum levies, which could boost revenues by 0.4 percent of GDP annually. The report notes broad-based economic growth, declining inflation, stronger reserves and a lower debt-to-GDP ratio. The government urges responsible reporting of fiscal data to maintain confidence in reform efforts and support inclusive growth.

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