BREAKING: World Bank Raises Alarm as N34.53tn Disappears From Nigeria’s Revenue in 3 Years

 

ABUJA, Nigeria — Fresh concerns have emerged over Nigeria’s public finance system after the World Bank revealed that N34.53 trillion was deducted from the country’s federation revenue within just three years, leaving significantly less for distribution to federal, state, and local governments.

According to the latest Nigeria Development Update, the country generated nearly N84 trillion in gross federation revenue between 2023 and 2025, but a staggering 41 percent was removed through first-line charges and pre-distribution deductions before it reached the Federation Account Allocation Committee (FAAC).

The report shows that while revenues rose sharply from N17.08 trillion in 2023 to N37.44 trillion in 2025, deductions also climbed from N6.22 trillion to almost N15 trillion, raising serious questions about fiscal transparency and the actual funds available for governance and development.

The World Bank warned that despite headline revenue growth driven by subsidy removal, tax reforms and foreign exchange adjustments, Nigeria’s spending capacity has not improved in the same proportion.

Economic observers say the revelation exposes a troubling reality: more money is being generated, but less is getting to the tiers of government responsible for delivering public services.

The disclosure is expected to spark renewed debate over revenue management, statutory deductions and accountability in the country’s fiscal structure.

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