Ola Akinwunmi
In a move that has sparked widespread condemnation, Nigerian lawmakers have suspended the probe into the alleged mismanagement of N15 trillion in revenue by the Federation Account Allocation Committee (FAAC). The decision to step down the investigation has raised serious concerns about transparency and accountability in the nation’s financial management.
The controversy centers around the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which announced a revenue target of N15 trillion for the year 2025. This ambitious goal was set following the commission’s achievement of surpassing its 2024 revenue generation target by approximately 163%. However, allegations have emerged regarding the mismanagement and potential misappropriation of these substantial funds.
Critics argue that the lawmakers’ decision to halt the investigation undermines efforts to ensure financial probity and combat corruption within government agencies. Transparency advocates and civil society organizations have expressed dismay, suggesting that this move could erode public trust in the legislative body’s commitment to oversight and accountability.
This development comes on the heels of other recent controversies involving Nigerian lawmakers. Notably, there have been allegations of bribery and extortion within the National Assembly. Investigations have revealed that some lawmakers demanded N480 million from universities to approve their 2025 budget allocations, with vice-chancellors of about 60 federal universities reportedly coerced into paying N8 million each.
Additionally, a Binance executive accused certain members of the House of Representatives of soliciting a $150 million bribe to halt a probe into the cryptocurrency firm’s activities. These allegations have further fueled public outcry and calls for comprehensive investigations into the conduct of lawmakers.
The suspension of the FAAC revenue probe has intensified demands for greater transparency and accountability in the management of public funds. Observers warn that failure to address these concerns could have long-term implications for Nigeria’s financial integrity and governance.