The Big Money Dilemma in Nigeria
President Tinubu signed the 2026 Appropriation Act, which totals a staggering N68.32 trillion on April 17. This figure marks a significant increase from the original submission of N58.18 trillion by the president, with an increase of 9 per cent. However, the details of what was added to the budget and who made those additions remain shrouched in secrecy.
The government allocated over N1.01 trillion to the Independent National Electoral Commission (INEC) for the 2027 election. Additionally, a sum of N135bn was set aside for election lawsuits, raising questions about the allocation priorities. This seems more like preparing for potential legal battles rather than enhancing electoral integrity.
Various organizations have raised concerns about the budget process. The Policy and Legal Advocacy Centre criticized the budget as “Bigger Figures, Familiar Failures.” The International Monetary Fund (IMF) also highlighted gaps in budget execution. Despite these criticisms, the detailed budget has not been published, leading to demands from the Centre for Social Justice for the Director-General of the Budget Office, Tanimu Yakubu, to either publish the document or resign.
The government’s decision to withhold budget reports for three consecutive quarters has been affirmed by the Foundation for Investigative Journalism, indicating a possible breach of Nigeria’s fiscal laws. As of the end of last week, the budget remained unpublished, further fueling public concern.
Legal and Financial Issues
In January, the Society for Environmental Rights and Accountability (SERAP) sued INEC for failing to account for N55.9 billion related to the 2019 general elections. The 2022 Auditor-General’s report revealed several issues, including:
- Award of Contracts Without Due Process (over N41.3bn)
- Irregular Payment for Smart Card Readers (over N5.31bn)
- Procurement with Contradictory Supporting Documents (over N331m)
- Payments without a voucher or evidence of supply (N3.485)
- Payments without deducting the mandatory 1% stamp duty (over N2.19 billion)
- Irregular Award of Contract for four Toyota Land Cruisers (over N297m)
Despite these findings, INEC claimed savings of N1.1 trillion from “procurement reforms,” highlighting a stark contrast between their claims and the audit results.
Corruption and Legal Consequences
Former Power Minister Saleh Mamman was found guilty of 12 counts, including using private firms to funnel money linked to government-funded power plants, and was sentenced to 75 years in prison for laundering N33.8bn. However, Mamman was absent from the court, illustrating the challenges of enforcing justice against powerful figures.
This absence underscores a broader issue: when individuals have significant influence, they can often evade accountability. This is evident in the behavior of tenure-limited governors who rush to Abuja upon leaving their positions, seeking refuge in the Senate.
The data reveals that over 60 per cent of corruption cases against public officials remain unresolved after a decade. Only 144 of 393 cases reached final judgment between 2013 and 2026, highlighting systemic failures in the judicial system.
Global Perspectives and Economic Challenges
A recent report highlighted the misappropriation of over N800 billion allegedly diverted from federal allocations by APC governors to fund President Tinubu’s re-election campaign. If true, this would represent a misuse of state funds. The government swiftly denied the allegations, but the African Democratic Party has called for an investigation.
The World Bank’s April 2026 Development Update titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development” paints a concerning picture of the Nigerian economy. It notes that inflation is punishing households and highlights the rise in FAAC gross revenues, which increased from N17.1 trillion in 2024 to N37.4 trillion in 2025.
However, the report also flags 5,000 TSA gaps and projects that the number of poor Nigerians rose from about 40 million in 2019 to over 60 million during the Bola Tinubu years. The Bank calls for stronger monetary implementation, increased organic FX flows, electricity sector reform, lower cost of governance, higher non-oil revenue, improved fiscal governance, clearance of audit backlogs, monthly reconciled fiscal data, and more credible budgets.
A Call for Change
The World Bank’s report emphasizes the importance of early childhood development as an economic priority. Nigeria faces significant challenges, including high under-five mortality rates and stunting. These issues are compounded by the lack of access to quality education and healthcare.
The country has pledged to lift 100 million Nigerians out of poverty in 10 years, yet the current trajectory suggests a deepening crisis. The ruling APC has failed to honor its promises, highlighting a serious character problem within the party.
As the nation grapples with these challenges, the question remains: who will take responsibility for the future of Nigerian children? In a land of smoke and hot air, where neither Nigeria nor Nigerians matter, the need for genuine change is more urgent than ever.
