Olisa Agbakoba says Nigeria is losing about ₦20 trillion every year because of failures in the collection, remittance and accountability of public revenue.
Speaking at a press briefing in Lagos on Wednesday, the Senior Advocate of Nigeria presented a policy paper on fiscal reform, describing the situation as a federation account crisis. He said government revenue was not reaching the destination prescribed by the Constitution.
Agbakoba proposed the full implementation of Section 162 of the Constitution through an amendment that would require all Federal Government revenues to be paid first into the Federation Account before disbursement through a transparent budgetary process. He said the current system had increased Nigeria’s debt burden, with debt servicing consuming nearly seventy per cent of federal revenue.
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The senior lawyer also called for greater political accountability ahead of the 2027 general elections. Presidential candidates, he added, should publicly explain how they intend to address the federation account crisis and ensure proper management of public revenue.
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