By Opeyemi Adelakun
Former Vice-President and African Democratic Congress presidential candidate Atiku Abubakar has challenged President Bola Tinubu’s administration to publish a detailed ledger showing how federation revenues, deductions, savings and transfers have been managed since June 2023.
Atiku made the demand following the release of the July 2026 Federation Account figures, which he said had raised fresh questions about the management of public revenue, particularly funds associated with the removal of petroleum and energy subsidies.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said his previous reconciliation of publicly released Federation Account figures had identified about N28 trillion requiring explanation as of June 2026.
He said the July figures had increased the cumulative amount requiring transparent public accounting to nearly N30 trillion.
Atiku challenged the Federal Government to provide a comprehensive reconciliation if it disputes his figures.
“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 approved N3.007 trillion for distribution among the Federal Government, the 36 states and 774 local government areas.
The former vice-president said the figures underscored the need for greater transparency over revenues entering the federation account and deductions made before funds are shared.
He questioned why large amounts were being deducted from federation revenues under different classifications before distribution.
“Our reconciliation previously identified approximately N28 trillion requiring explanation up to June 2026. July shows that the pattern has continued,” he said.
“The cumulative amount of Federation revenues, deductions, savings, transfers and related funds requiring transparent reconciliation is now approaching N30 trillion.
“If the Tinubu administration disputes that figure, the answer is not another press statement. Publish the ledger.”
Atiku also demanded a specific account of the financial gains generated by the removal of petroleum and energy subsidies.
He recalled that Nigerians were asked to endure the economic hardship associated with the reforms on the assurance that savings and additional revenues generated would ultimately support national development.
He questioned the whereabouts of the funds allegedly generated through the reforms and challenged the government to demonstrate how they had been deployed.
“The savings and additional revenues generated by these reforms belong to the Nigerian people,” Atiku said.
He further questioned why Nigeria continues to borrow heavily 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 also demanded clarification on whether the funds had been transferred, spent or retained in government accounts.
Calls For Month-By-Month Reconciliation
The ADC presidential candidate urged the Tinubu administration to publish a month-by-month and beneficiary-by-beneficiary reconciliation of federation revenues from June 2023 to date.
He said the disclosure should identify the amount deducted, beneficiary, purpose, date, destination and legal authority for every naira removed before distribution.
Atiku argued that public accountability required more than the use of accounting classifications to explain large sums of money.
“Transparency is not achieved by attaching convenient accounting labels to trillions of naira. It is achieved by opening the books,” he said.
He added that Nigerians who had endured economic hardship as a result of government reforms deserved a clear account of how public funds were being managed.
“If the approximately N30 trillion is properly accounted for, President Tinubu should publish the ledger and show Nigerians where every naira went,” Atiku said.
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