₦airaland Forum

Former Vice-President Atiku Abubakar has challenged the administration of President Bola Tinubu to publish a detailed account of federation revenues, deductions, savings and transfers.

Atiku, the presidential candidate of the African Democratic Congress (ADC), said the latest July 2026 federation account figures had deepened questions over the management of revenues accruing to the federation, particularly funds generated following the removal of petroleum and energy subsidies.

In a statement issued by Phrank Shaibu, his senior special assistant on public communication, the former vice-president said his earlier reconciliation of published federation account figures had identified about N28 trillion requiring explanation as of June 2026.

He said the July figures had pushed the cumulative amount requiring transparent public accounting towards N30 trillion.

“The question President Tinubu must answer remains painfully simple: Where is the money?” Atiku said.

For July 2026, gross statutory revenue stood at N4.359 trillion, while the Federation Account Allocation Committee (FAAC) approved N3.007 trillion for distribution to the federal government, 36 states and 774 LGAs.

Atiku said the figures reinforced the need for a comprehensive reconciliation of revenues flowing into the federation account and deductions made before distribution.

“The madness continues. Month after month, trillions of naira enter the Federation accounts, and month after month enormous amounts are removed under different classifications before the balance is distributed,” he said.

“Our reconciliation previously identified approximately N28 trillion requiring explanation up to June 2026. July shows that the pattern has continued.

“The cumulative amount of Federation revenues, deductions, savings, transfers and related funds requiring transparent reconciliation is now approaching N30 trillion.

“If the Tinubu administration disputes that figure, the answer is not another press statement. Publish the ledger.”

The former vice-president cited previous federation account figures, including N2.068 trillion reported as available revenue in January 2024, of which N1.149 trillion was distributed.

He also pointed to June 2025, when N4.232 trillion was reportedly available and N1.818 trillion was distributed, as well as June 2026, when N4.501 trillion was reported as available and N2.551 trillion was distributed.

“These are not accounting footnotes. This is the wealth of the Nigerian people,” Atiku said.


‘WHERE IS THE SUBSIDY-REMOVAL WINDFALL?’

Atiku said the government must specifically account for revenues and fiscal gains arising from the removal of petroleum and energy subsidies.

He recalled that Nigerians were asked to endure the economic hardship associated with the reforms on the promise that the resulting savings and additional revenues would be deployed for development.

“President Tinubu did not ask Nigerians to endure the agony of subsidy removal so that the proceeds could become unexplained stashed funds beyond public scrutiny,” he said.

“The savings and additional revenues generated by these reforms belong to the Nigerian people. They are not the private reserves of the Presidency or any government agency. Where is the subsidy-removal windfall?”

Atiku also questioned the government’s borrowing despite claims of increased revenues and savings.

“If these trillions genuinely exist as savings, where are they and why is Nigeria borrowing so aggressively?” he asked.

“If the money has been transferred, who received it? If it has been spent, what was it spent on? If it remains in government accounts, what are the balances today?”

He challenged the administration to publish a month-by-month and beneficiary-by-beneficiary reconciliation of federation revenues from June 2023 to date.

“For every naira removed before distribution, Nigerians deserve to know the amount, beneficiary, purpose, date, destination and legal authority,” Atiku said.

“Transparency is not achieved by attaching convenient accounting labels to trillions of naira. It is achieved by opening the books.”

He said Nigerians had made enough sacrifices and deserved to know how public funds are being managed.

“If the approximately N30 trillion is properly accounted for, President Tinubu should publish the ledger and show Nigerians where every naira went,” Atiku added.

chatinent:
Just like telling KC Luxury to list his godfathers in Nigeria. He will leave the top guys and start mentioning Columbia. In his mind, the Columbian guys wouldn't bother looking for him.

Nigeria is funny.

You removed subsidy as you claimed but the money removed cannot be accounted for.

Can we say you removed the national subsidy and started subsidising your own life?

MaziObinnaokija:
Saint ATIKU...Same way u do during your tonfv

favor914:
It is Colombia, not Columbia.

MaziObinnaokija:
Saint ATIKU...Same way u do during your tonfv

MEGAWATCH:
Thanks for the correction, please can you help and explain to Nigerians where the subsidy Windfall money is?


No bad blood please, we are just curious?


😎😎

favor914:
Go and ask the governor of your state, & local government what they did with the money they received from The FAAC 2023-2026.

They are in a much more better position to enlighten u on the issue.

manmade:
Atiku tenure has come and gone , he should allow president Tinubu to run his government without this unnecessary interference, we love 💕 jaganban and inshallah tinubu is coming back in 2027 again

Ofunaofu:
This is no longer the time to spew lies, falsehoods, misinformation, and propaganda about the “savings” from subsidy removal and the “gains” of so-called reforms.

Nigerians want to see the funds,where they went, how much was saved, what they were used for, the paper trail....

Because what Nigerians are being dished out is not prosperity, but hunger, starvation, worsening insecurity, and inflation.

Islie:
https://www.thecable.ng/aatiku-to-tinubu-publish-ledger-of-federation-funds-account-for-subsidy-removal-gains