Former Vice-President Atiku Abubakar has challenged President Bola Tinubu’s administration to publish a detailed ledger of federation revenues, deductions, savings and transfers, saying about N30 trillion now requires transparent reconciliation.
Atiku, the presidential candidate of the African Democratic Congress (ADC), said the latest July 2026 Federation Account figures had raised fresh questions about the management of public revenues, particularly funds generated after the removal of petroleum and energy subsidies.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said his earlier reconciliation of published federation account figures identified about N28 trillion requiring explanation as of June 2026.
He said the July figures had pushed the cumulative amount requiring public accounting towards N30 trillion.
“The question President Tinubu must answer remains painfully simple: Where is the money?” Atiku said.
According to the July figures cited by Atiku, gross statutory revenue stood at N4.359 trillion, while the Federation Account Allocation Committee (FAAC) approved N3.007 trillion for distribution to the federal government, the 36 states and 774 local government areas.
Atiku said the figures reinforced the need for a comprehensive reconciliation of revenues flowing into the federation account and deductions made before distribution.
“The madness continues. Month after month, trillions of naira enter the Federation accounts, and month after month enormous amounts are removed under different classifications before the balance is distributed,” he said.
He cited previous figures, including N2.068 trillion reported as available revenue in January 2024, of which N1.149 trillion was distributed.
He also referenced June 2025, when N4.232 trillion was reportedly available and N1.818 trillion was distributed, as well as June 2026, when N4.501 trillion was reported as available and N2.551 trillion was distributed.
“These are not accounting footnotes. This is the wealth of the Nigerian people,” Atiku said.
Atiku questions subsidy-removal gains
Atiku also demanded an account of the revenues and fiscal gains generated by the removal of petroleum and energy subsidies.
He recalled that Nigerians were asked to endure the economic hardship caused by the reforms on the understanding that the resulting savings and additional revenues would be deployed for development.
“President Tinubu did not ask Nigerians to endure the agony of subsidy removal so that the proceeds could become unexplained stashed funds beyond public scrutiny,” he said.
“The savings and additional revenues generated by these reforms belong to the Nigerian people. They are not the private reserves of the Presidency or any government agency. Where is the subsidy-removal windfall?”
The former vice-president further questioned why the government continues to borrow despite claims of increased revenues and savings.
“If these trillions genuinely exist as savings, where are they and why is Nigeria borrowing so aggressively?” he asked.
Atiku challenged the Tinubu administration to publish a month-by-month and beneficiary-by-beneficiary reconciliation of federation revenues from June 2023 to date.
He said Nigerians should be told the amount, beneficiary, purpose, date, destination and legal authority for every naira deducted before distribution.
“Transparency is not achieved by attaching convenient accounting labels to trillions of naira. It is achieved by opening the books.”
Atiku said Nigerians had made enough sacrifices and deserved to know how public funds were being managed.
He added that if the approximately N30 trillion is properly accounted for, the administration should publish the ledger and show Nigerians where the money went.
