Atiku expresses concerns over World Bank report on Nigeria’s fiscal structure

Former Vice President Atiku Abubakar has raised concerns about Nigeria’s fiscal management following recent findings by the World Bank, describing the country’s revenue structure as troubling and inconsistent with citizens’ welfare.

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In a press statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, on Wednesday, the former presidential candidate criticised what he characterised as a troubling contradiction in the nation’s public finance system, rising revenues without corresponding improvements in citizens’ welfare.

The assessment claims that Nigeria’s debt to the World Bank under the current administration nears $10 billion with the poverty rate reaching 63 per cent in 2025, with approximately 140 million people living below the poverty line despite easing inflation.

Citing the assessment, he said Nigeria now generates more revenue, yet ordinary citizens are not benefiting from the increase, a situation he attributed to systemic weaknesses and possible financial leakages.

According to him, the development reflects deeper governance issues, including a lack of transparency in the administration of President Bola Ahmed Tinubu.

“What the World Bank has revealed is both alarming and unacceptable. Nigeria is earning more revenue today, yet the Nigerian people are receiving less benefit from it. This contradiction points not just to inefficiency, but to a system vulnerable to abuse, leakage, and the possible diversion of public funds,” he said.

The former vice president also expressed concern over what he described as excessive deductions from national revenue at source, prior to disbursement through the Federation Account.

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Such practices, he said, limit legislative oversight and create room for untracked spending and fiscal indiscipline, warning that countries risk losing control of their resources under such arrangements.

“When large portions of national income are deducted at source, outside full legislative scrutiny, it creates fertile ground for opacity, unaccounted spending, and financial recklessness. That is how nations lose track of their own wealth,” he stated.

Atiku warned that the implications of the current fiscal structure are already evident in declining public investment in key sectors and worsening living conditions for Nigerians. He framed the issue as not only economic but also ethical, questioning the fairness of ongoing reforms amid weak accountability.

“This is not just a technical fiscal issue, it is a moral one. A government cannot ask citizens to endure painful economic reforms while the gains of those reforms are trapped in a system that lacks transparency and accountability,” he added.

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Aligning with the World Bank’s recommendations, the former vice president called for urgent reforms to strengthen fiscal discipline and restore public trust. He urged that all revenues and expenditures by government agencies be fully integrated into the formal budgetary process, with stronger oversight by the National Assembly.

He warned that failure to address the issues could further erode public trust and deepen economic hardship.

“We cannot continue on a path where rising revenues coexist with deepening poverty. When the books are full but the people are empty, it raises serious questions about where the money is truly going. The purpose of governance is not to accumulate figures, but to improve lives and that purpose is clearly being defeated,” he said.