A former President of the Nigerian Bar Association, Olisa Agbakoba, has raised concerns over what he described as a deepening financial crisis in Nigeria’s Federation Account.
Agbakoba stated that massive revenue deductions and under-remittances are weakening the nation’s economy.
In a post shared on X on Wednesday, the senior lawyer said many Nigerians were unaware of the importance of the Federation Account established under Section 162 of the 1999 Constitution to collect and distribute revenues among the federal, state and local governments.
According to him, the account, which he described as “the financial heartbeat” of the country, is facing severe challenges due to alleged revenue leakages and mounting debt obligations.
Agbakoba wrote: “Most Nigerians are unaware that the country has a vital financial institution known as the Federation Account. Created under Section 162 of the 1999 Constitution, this account is designed to collect and store every kobo of revenue generated by the federal government. From there, these funds are shared among federal, state, and local governments.
“In essence, the Federation Account serves as the financial heartbeat of our nation. However, it is facing severe challenges.
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