AGBAKOBA CALLS FOR CONSTITUTIONAL REFORM TO CURB REVENUE LEAKAGES
By: Safiya Abdulrahim Dabban
Senior Advocate of Nigeria, Olisa Agbakoba, has urged urgent constitutional reforms to address what he described as massive revenue leakages in Nigeria’s fiscal system.
Speaking at a press briefing in Lagos, Agbakoba warned that the country is losing about ₦20 trillion annually due to what he termed a structural failure in revenue collection, remittance and accountability.
He attributed the crisis to the poor implementation of Section 162 of the Nigerian Constitution, noting that government revenues are not being fully paid into the Federation Account as required.
Agbakoba proposed a constitutional amendment to enforce strict compliance, ensuring that all federally generated revenues are first deposited into the Federation Account before disbursement through a transparent budgeting process.
He said the reform would significantly reduce Nigeria’s borrowing needs, stressing that nearly 70 per cent of federal revenue is currently spent on debt servicing instead of critical infrastructure and social services.
The senior lawyer also called on political leaders to prioritise the issue ahead of the 2027 general elections, urging voters to demand clear plans from candidates on how they intend to fix the federation account crisis.