US EditionNigeria: Govt Denies 'Hidden Spending' Claims, Says World Bank Report Misinterpreted
The ministry said deductions cited by the World Bank are lawful transfers and refunds, not missing funds, and said reforms could lift distributable revenue by 0.4% of GDP.
- On Sunday, The Federal Ministry of Finance dismissed reports alleging "hidden spending," calling them a misinterpretation of the latest Nigeria Development Update from The World Bank.
- Minister of State for Finance Taiwo Oyedele said assertions of "diversion of funds were inaccurate and reflected a misunderstanding of the country" fiscal framework.
- Federation Account Allocation Committee deductions cover legitimate expenditures including statutory transfers and refunds to Ministries, Departments and Agencies, The Federal Ministry of Finance clarified.
- Ongoing reforms are yielding results, with debt-to-GDP indicators strengthening and inflation gradually declining throughout 2026, according to the Nigeria Development Update.
- An Executive Order introduced in early 2026 aimed at improving petroleum revenue remittance could boost distributable revenue by about 0.4 per cent of GDP annually, The World Bank said.
16 Articles
16 Articles
Nigeria: Govt Debunks Hidden Spending Claims, Clarifies World Bank Report
Mr Taiwo Oyedele, Minister of State for Finance, has dismissed reports alleging hidden spending and diversion of federation revenue, describing them as misinterpretations of the World Bank Nigeria Development Update.
FG dismisses ‘hidden spending’ claims, says World Bank report misinterpreted
The Finance Ministry says FAAC deductions reflect legitimate fiscal obligations, and ongoing reforms are improving transparency and revenue distribution. The post FG dismisses ‘hidden spending’ claims, says World Bank report misinterpreted appeared first on Premium Times Nigeria.
World Bank report: Nigerian Govt clears air on ‘missing’ revenue
The Federal Ministry of Finance has dismissed claims that a significant portion of Nigeria’s revenue is missing or diverted, describing such reports as a misinterpretation of the World Bank’s latest Nigeria Development Update. In a statement issued on Sunday, the Minister of State for Finance, Taiwo Oyedele, said assertions suggesting “hidden spending” or diversion of funds were inaccurate and reflected a misunderstanding of the country’s fiscal…
Nigeria: Govt Dismisses ‘Hidden Spending’ Claims, Says World Bank Report Misread
By Emmanuel Nduka The Nigerian Government has rejected claims that a large portion of the federation revenue is being diverted or hidden, insisting that recent interpretations of the World Bank’s Nigeria Development Update (NDU) are misleading and reflect a poor understanding of the country’s fiscal framework. In a statement issued on Sunday, Nigeria’s Minister of State for Finance, Taiwo Oyedele, said commentaries suggesting widespread revenue…
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