Federal Government refutes claims of hidden spending and revenue diversion based on World Bank report
via Punch Nigeria2 min read
The Federal Government has rejected media reports alleging hidden spending and diversion of federation revenue, stating these claims misrepresent findings from the World Bank's latest Nigeria Development Update. In a statement, the Federal Ministry of Finance, signed by the Minister of State for Finance, Taiwo Oyedele, clarified that interpretations circulating in some media platforms wrongly characterize statutory fiscal processes as leakages. The ministry explained that such claims reflect a misunderstanding of Nigeria's fiscal structure and how revenues are distributed through the Federation Account Allocation Committee FAAC. It emphasized that FAAC deductions, which include statutory transfers, savings, investments, security-related expenditures, cost-of-collection charges, refunds to Ministries, Departments and Agencies MDAs, and transfers to subnational governments, are legitimate fiscal flows. The government also noted that commentators are using outdated figures and ignoring recent reforms implemented in 2026, including a new Executive Order to safeguard petroleum revenue remittances. The World Bank report, according to the ministry, acknowledges these reforms, which are projected to improve transparency and increase distributable revenues by about 0.4 percent of GDP annually. The ministry highlighted that the overall tone of the World Bank report was positive, contrary to interpretations suggesting fiscal distress, pointing to diversified economic growth, easing infl
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Stand-up comedian and actor, Senator, stated that the Nigerian comedy industry has created numerous opportunities for practitioners, encouraging entertainers to explore various creative areas. In an interview, Senator noted the industry's evolution beyond traditional stand-up comedy, with the rise of skits, sitcoms, and event hosting. He explained that while stand-up was once the primary focus, the emergence of social media skits, series, and sitcoms, along with the demand for humorous MCs and comp猫res for events, has broadened the scope. Senator highlighted that these changing industry demands have led many comedians, including himself, to diversify their skills while retaining their passion for comedy. He described the entertainment sector as rich with possibilities, particularly for new talents seeking sustainable careers. Despite this growth, Senator acknowledged that the industry's expansion has not been as rapid as some anticipated.
Must ReadFuel prices have increased nationwide in Nigeria, with petrol reaching up to N1,230 per litre in some areas. This rise is attributed to the Dangote Petroleum Refinery's decision to sell petrol to marketers in dollars and a surge in global crude oil prices due to tensions between the United States and Iran. The Petroleum Products Retail Outlets Owners Association of Nigeria PETROAN has warned against monopoly and arbitrary pricing, stating that such practices could destabilize the downstream petroleum sector. Dr. Billy Gillis-Harry, National President of PETROAN, emphasized the need for a stable and competitive pricing framework. Marketers have reported delays in petrol loading at the Dangote refinery, a claim denied by the Dangote Group. The National Vice-President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, confirmed the loading delays but expressed optimism for resumption. Marketers are also facing difficulties in sourcing dollars to purchase petrol from the refinery. Depot prices for petrol remained high, ranging from N1,185 to N1,245 per litre across major depots. Retail pump prices in cities like Abuja, Port Harcourt, and Kaduna have also seen increases, with some stations selling at N1,200 to N1,230 per litre. Consumers and transporters express concerns that dollar-denominated pricing could lead to further price hikes and increased costs for transportation and goods.
Mrs Victoria Ojo, a 90-year-old retired nurse from Ile Ologbu Compound in Osogbo, Osun State, shares her life story, highlighting her unwavering passion for nursing. Born in 1936, she grew up in Osogbo and later Ifon-Osun. Despite initial setbacks, including being denied permanent admission to nursing training after a probationary period, her determination to care for others led her to re-enroll and successfully complete her nursing and midwifery education. She began her career as a ward maid, which ignited her desire to become a nurse, stating she would have committed suicide if she failed. Mrs Ojo also recounts her marital life, including a memorable incident where her mother fainted while helping with her first child in Atijere, an area only accessible by canoe at the time. She attributes her longevity to God, maintaining good hygiene, a healthy lifestyle, a balanced diet, and her commitment to the Christian faith, having given her life to Christ in 1978. After 26 years of service, she voluntarily retired to co-found a ministry focused on spiritual revival. She emphasizes the importance of raising children with the fear of God and laments the decline of patience and respect for elders in contemporary society. Mrs Ojo advises young couples to approach marriage with patience, maturity, and a focus on character and shared responsibility rather than material possessions or physical beauty.