Tag: WHERE DOES OUR MONEY GO?

I want to ask Nigerians one simple question, and I want us to actually answer it together: WHERE DOES OUR MONEY GO? The money you collectively earn as a country, every kobo of oil revenue, every customs duty, every company tax, every regulatory fee, and every court fine. The money that supposedly funds our roads, schools, hospitals, and police. Most Nigerians do not know this, so let me start with something that may shock you: Nigeria has a special bank account. It is called the FEDERATION ACCOUNT. The 1999 Constitution created it in Section 162. Every kobo of revenue the federal government collects on behalf of Nigeria is supposed to flow into that one account. Then it is shared among the federal government, the 36 states, and the 774 local governments according to a sharing formula...