‘Nigeria borrowing money it already earned’ — Agbakoba raises alarm over federation account crisis

A erstwhile President of the Nigerian Bar Association, Olisa Agbakoba, has raised concerns implicit what helium described arsenic a deepening fiscal situation successful Nigeria’s Federation Account.

Agbakoba stated that monolithic gross deductions and under-remittances are weakening the nation’s economy.

In a station shared connected X on Wednesday, the elder lawyer said galore Nigerians were unaware of the value of the Federation Account established nether Section 162 of the 1999 Constitution to cod and administer revenues among the federal, authorities and section governments.

According to him, the account, which helium described arsenic “the fiscal heartbeat” of the country, is facing terrible challenges owed to alleged gross leakages and mounting indebtedness obligations.

Agbakoba wrote: “Most Nigerians are unaware that the state has a captious fiscal instauration known arsenic the Federation Account. Created nether Section 162 of the 1999 Constitution, this relationship is designed to cod and store each kobo of gross generated by the national government. From there, these funds are shared among federal, state, and section governments. 

“In essence, the Federation Account serves arsenic the fiscal heartbeat of our nation. However, it is facing terrible challenges.

“Consider these striking figures: In 2025, a...