World Bank report: Nigerian Govt clears air on ‘missing’ revenue

The Federal Ministry of Finance has dismissed claims that a important information of Nigeria’s gross is missing oregon diverted, describing specified reports arsenic a misinterpretation of the World Bank’s latest Nigeria Development Update.

In a connection issued connected Sunday, the Minister of State for Finance, Taiwo Oyedele, said assertions suggesting “hidden spending” oregon diversion of funds were inaccurate and reflected a misunderstanding of the country’s fiscal framework.

According to the ministry, deductions from the Federation Account Allocation Committee (FAAC) were wrongly portrayed arsenic discarded oregon missing funds.

“It is important to emphasise that refunds and transfers to states and different tiers of authorities are not leakages. They correspond morganatic fiscal flows, including repayments of obligations and statutorily backed allocations,” Oyedele said.

It clarified that specified deductions screen morganatic expenditures, including statutory transfers, information spending, savings and investments, cost-of-collection charges, refunds to Ministries, Departments and Agencies, MDAs, arsenic good arsenic transfers and interventions for states and different tiers of government.<...