Former Vice President Atiku Abubakar has urged the National Assembly to strengthen its oversight of Nigeria’s revenue management, following what he described as troubling revelations by the World Bank.
In a statement released on Wednesday through his Senior Special Assistant on Public Communication, Phrank Shaibu, the former presidential candidate expressed concern over what he called a growing disconnect between increased national earnings and the living conditions of ordinary Nigerians.
According to Atiku, the latest findings highlight a worrying contradiction in Nigeria’s fiscal landscape, where rising revenues have not translated into improved welfare for citizens.
He argued that the situation raises serious questions about transparency, accountability, and the management of public funds.
The chieftain of the African Democratic Congress accused the administration of President Bola Ahmed Tinubu of operating what he described as an opaque financial system vulnerable to abuse and leakages.
He warned that such a structure could enable the diversion of public resources if not urgently addressed.
Calling for immediate reforms, Atiku aligned with recommendations from the World Bank, insisting that all government agency revenues must be fully integrated into the formal budgetary framework.
He also advocated a review of cost-of-collection mechanisms and demanded stricter legislative scrutiny over national income.
He further noted that significant deductions made at source from the Federation Account—often outside full parliamentary oversight—have reduced funds available for governance and development across federal, state, and local levels.
According to him, this practice creates room for financial recklessness and weakens accountability.
READ ALSO: Atiku Condemns Terrorism, Urges Urgent Action To Restore National Security
Describing the issue as both economic and moral, Atiku argued that it is unjust for citizens to bear the burden of economic reforms while the benefits remain trapped in a system lacking transparency.
“We cannot continue on a path where rising revenues coexist with deepening poverty,” he warned, adding that governance must ultimately serve to improve the lives of citizens rather than merely reflect positive figures on paper.
His comments come amid growing concerns about Nigeria’s economic condition, particularly after recent data from the World Bank indicated a steady rise in poverty levels.
In its report titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,” the institution revealed that the country’s poverty rate increased from 56 per cent in 2023 to 63 per cent in 2025, affecting an estimated 140 million Nigerians.
The report also pointed to a widening gap between economic reforms and their actual impact on household welfare, even as inflation shows signs of easing—further intensifying the debate over Nigeria’s fiscal direction.