According to the World Bank’s report, between 2023 and 2025, about 41 per cent of Nigeria’s revenue (roughly ₦34.53 trillion) never actually made it to the “sharing pool” for Federal, State, and Local governments.
By Olusola Odunfa
A World Bank report recently set off a demographic time bomb.
The report alleges that the Tinubu has been engaged in opaque hidden spending and the diversion of public funds since its inception in 2023!
The trillion naira question is: Is the 34 trillion naira “missing” or just “misunderstood”?
The internet is currently on fire, and for once, it’s not about Big Brother or a celebrity wedding.
We are talking about ₦34.53 trillion —a number so big it has most of us checking our calculators twice.
If you’ve seen the headlines screaming about “Hidden Spending” and “Diverted Funds,” you might be ready to grab a protest sign.
But hold on! The Ministry of Finance just clapped back, and they brought receipts.
Here is the breakdown of the spicy fiscal war between the World Bank report, the Opposition, and the Federal Government.
The Accusation: “Where is the 41%?”
Critics, including former VP Atiku Abubakar, pointed out that between 2023 and 2025, about 41% of Nigeria’s revenue (roughly ₦34.53 trillion) never actually made it to the “sharing pool” for Federal, State, and Local governments.
The Narrative: This is a “hidden spending system” happening behind the scenes without enough oversight.
The Federal Government’s Clapback: “It’s Not Missing, It’s Mandated!”
In a fiery statement the Minister of State for Finance, Taiwo Oyedele, basically told everyone to “calm down and read the fine print.”
According to the Ministry, what people are calling “leakages” are actually legal, pre-approved deductions.
Think of it like your salary: before you get your “take-home” pay, there’s tax, pension, and health insurance.
You didn’t “lose” that money; it was allocated to specific pots.
Where the ₦34 Trillion is actually going:
Security Funding: Keeping the boots on the ground.
Cost of Collection: What agencies like FIRS and Customs need to actually go out and get the tax money.
Savings: The non-oil excess account (rainy day fund).
Statutory Transfers: Money that must go to specific arms of government by law.
Renewed Hope Programs: Funding for ward-level development across the country.
The Verdict from FG: Labeling these as “hidden” is a “fundamental misunderstanding” of how Nigeria’s piggy bank works.
The Silver Lining: Things Are Actually Looking Up?
Lost in the shouting match is the fact that the World Bank also gave Nigeria some props. Thanks to reforms started in early 2026:
Petroleum Revenue: A new Executive Order is forcing oil money to be remitted more transparently.
GDP Boost: These reforms are expected to add 0.4% to our GDP annually.
Macro Wins: Inflation is finally easing, and our debt ratios are starting to look less scary.
At the end of the day, ₦34 trillion is the difference between a pothole and a highway, or a dark street and a lit one.
However, critics say even if it’s “legal,” it’s too much money being spent without enough National Assembly scrutiny.
The Federal Government however claims that the system is complex, but it’s working, and the money is accounted for.
