The House of Representatives has come under criticism for stepping down a motion to investigate the N15tn unaccounted revenue with the Federal Accounts Allocation Committee (FAAC).
The motion, sponsored by Mansur Soro, representing Darazo/Ganjuwa Federal Constituency, Bauchi State, aimed to uncover the truth behind FAAC’s revenue savings policy, which has withheld N15tn from the distributable pool account over the last 20 months.
Soro argued that FAAC’s actions contravene Section 162 (3) of the Constitution, which mandates the distribution of revenues among federal, state, and local governments. Instead, FAAC introduced a revenue savings policy, citing the need to minimize the impact of increased revenues on the money supply and inflation.
Former Secretary General of the Arewa Consultative Forum, Mr. Anthony Sani, condemned the House’s decision, questioning why FAAC is holding onto such a massive amount amidst economic hardship. Sani emphasized that the withholding of N15tn could exacerbate economic difficulties and create room for financial mismanagement and corruption.
Rights lawyer Abdul Mahmud described the House’s action as unfortunate, highlighting concerns about transparency and fiscal accountability in Nigeria’s public finance management. Mahmud noted that FAAC lacks the legal authority to withhold funds without a clear framework, undermining the principles of revenue sharing enshrined in the Constitution.
Good governance advocate Joe Key-Odumakin stressed that N15tn is a staggering amount, equivalent to the national annual budget over a decade ago. Key-Odumakin emphasized the need for a strong opposition at the National Assembly to hold the executive accountable and curb excesses.
Soro insisted that statutory allocations meant for the three tiers of government are being withheld without adherence to the constitution, transparency, and financial rules. He estimated that the actual amount withheld might be more than N20tn, considering the savings policy was introduced 20 months ago with initial savings of N790bn.
