Atiku: World Bank report has exposed weak financial structure of Tinubu’s govt

Former Vice-President Atiku Abubakar has reacted to the latest findings by the World Bank on Nigeria’s fiscal structure, describing the situation as deeply troubling and unacceptable. In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku Abubakar said: “What the World Bank has revealed is both alarming and unacceptable. Nigeria […]

Former Vice-President Atiku Abubakar has reacted to the latest findings by the World Bank on Nigeria’s fiscal structure, describing the situation as deeply troubling and unacceptable.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku Abubakar said: “What the World Bank has revealed is both alarming and unacceptable. Nigeria is earning more revenue today, yet the Nigerian people are receiving less benefit from it. This contradiction points not just to inefficiency, but to a system vulnerable to abuse, leakage, and the possible diversion of public funds.

“The report confirms what many Nigerians have long suspected: that the administration of Bola Ahmed Tinubu operates an opaque financial structure that enables systemic corruption.”

He noted that excessive deductions from national revenue, before distribution through the Federation Account, have significantly reduced what is available for governance and development across all tiers.

“When large portions of national income are deducted at source, outside full legislative scrutiny, it creates fertile ground for opacity, unaccounted spending, and financial recklessness. That is how nations lose track of their own wealth.”

Atiku warned that the consequences are already evident in declining investments in critical sectors and worsening economic conditions for citizens.

“This is not just a technical fiscal issue, it is a moral one. A government cannot ask citizens to endure painful economic reforms while the gains of those reforms are trapped in a system that lacks transparency and accountability.”

Aligning with the World Bank’s recommendations, he called for urgent structural reforms.

“All agency funding must be brought under the formal budgetary process. Cost-of-collection mechanisms must be reviewed and reduced, and the National Assembly must exercise full oversight over every naira earned by this country. Anything less will only sustain a system where opacity thrives and public trust is eroded.”

He concluded with a stark warning on the direction of the country’s economic management.

“We cannot continue on a path where rising revenues coexist with deepening poverty. When the books are full but the people are empty, it raises serious questions about where the money is truly going. The purpose of governance is not to accumulate figures, but to improve lives and that purpose is clearly being defeated.”