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5% Nigerians Pocket N37.665 trn Of Nation’s Funds
Less than 5 per cent of Nigeria’s estimated population of 170million consume close to 80 per cent of the country’s annual public finances of about N37.665trillion, according to a study by the International Society for Civil Liberties and the Rule of Law (Intersociety).
The group made the disclosure in Part Two of its public statement entitled: “ASUU Strike and Socio-economic Consequences of Industrial Disputes in Nigeria”, released yesterday from its Onitsha base in Anambra State.
This less than 5 per cent, according to Intersociety, is “made up of 17,500 top public office holders in Nigeria and public industrial unions and their members such as ASUU, NMA, NUT, TUC, NLC, etc.”
Intersociety said in yesterday’s statement signed by its board Chairman, Emeka Umeagbalasi and Head, Publicity Desk, Comrade Justus Uche Ijeoma, that “Our main concern is to expose and bring to the attention of the world how less than 5 per cent of Nigeria’s estimated population of 170million, made up of 17,500 top public office holders and public industrial unions and their members such as ASUU, NMA, NUT, TUC, NLC, etc, have continued to corner and pocket close to 80 per cent of the country’s annual public finances at the monumental expense of other 170million Nigerians. This, they do by allocating to themselves scandalous sums in the form of “allowances” and “overheads”, using the instruments of “Appropriation Acts of the Federation”, “Appropriation Laws of the States” and “Industrial Actions or Strikes.
“The socio-economic consequences of the foregoing are totally incalculable. Since 1997 when Nigeria recorded her last budget surplus, it had been budget deficits all through. Simply put, budget is in deficit when its expenditure is greater than its generated revenues and money is borrowed in cash or in kind to finance it…
“From the foregoing, therefore, Nigerian budgets since 1999 have been deeply debt-ridden and consumptive. They are also static and highly centralized. Between June 1999 and now (2013), the Federal Government had budgeted a total of N37.665trillion (about $221billion using N160.00 per $USD), out of which, N21.7trillion went for recurrent expenditures; N4,5trillion or about $28billion went for debts servicing; and only N11.3trillion or about $70billion went for capital expenditures.”
“Also, between June 1999 and December, 2012, a total of N80trillion or about $500billion was shared by Nigeria’s three tiers of government – federal, states and LGAs – from the country’s Federation Account,” the body said.
Intersociety also quoted former World Bank Vice President for Africa, Oby Ezekwesili’s remarks that, “Nigeria’s total domestic and external debts, including those owed by states, LGAs and government parastatals and ministries have skyrocketed since May 2007, from about $18 billion, including $6billion of foreign and N1.8trillion of domestic debts; to about $100billion or N16trillion in 2013 with a staggering difference of $88billion borrowed locally and internationally by relevant public borrowing establishments. In 2012 alone, Nigeria paid a whopping sum of N699billion or about $4.4billion to banks and other lending institutions within and outside the country in the form of “debts or loans’ interests.”
According to the body, “critical look at the foregoing clearly indicates that close to 80 per cent of such huge expenditures and loans were expended and borrowed to service 17,500 Nigerian top public office holders, and members and leaders of public industrial unions such as ASUU, under the guise of “allowances” and “overheads,” adding that, the major challenge facing the growth and development of the Nigerian economy is institutionalization, with reckless abandon, of spurious allowances and overheads.
“As we have earlier stated, out of N592billion spent annually to service the wage entitlements of 12,788 LGAs’ executives and councillors, N550billion goes into payment of allowances. Only N42billion is spent on their salaries. Out of N300billion spent on about 2,664 state executives in the 36 states, N272billion is spent on allowances and only N28billion is spent on salaries. Out of N60.4billion spent on 469 federal lawmakers annually, N54.2billion is spent on allowances and only N6.1billion is spent on salaries.
“Out of N92.3billion spent annually on 472 federal executives in the country, N89.7billion is for allowances and only N8.6billion is for their salaries. Out of N40.9billion spent on 1,152 state lawmakers, N35.8billion is spent on allowances and only N5.09billion is spent on their salaries. Out of N18.5billion spent on 792 state judges, N15.4billion is spent on allowances and only N3.1billion is spent on their salaries; and out of N14.8billion spent on 142 federal judges annually, N13.1billion is spent on allowances and only N1.7billion is spent on their salaries,” Intersociety said.
Intersociety added that “the forgoing does not capture spurious overheads and extraneous allowances annually smuggled into the Appropriation Acts of the Federation and the Appropriation Laws of the 36 states in the country.”
The Peoples Democratic Party (PDP) has inaugurated a special legal team to handle election petitions arising from last Saturday’s Area Council elections in the Federal Capital Territory.
This comes as the All Progressives Congress (APC) won in Abaji, Kwali, AMAC, and Bwari Area Councils, while the PDP secured victory only in Gwagwalada.
The Tide reports that the council elections were held on Saturday, February 21, 2026, across all six FCT area councils, including Abaji, AMAC, Bwari, Gwagwalada, Kuje, and Kwali.
Results announced so far by the Independent National Electoral Commission (INEC) show that the All Progressives Congress (APC) won in Abaji, Kwali, AMAC, and Bwari Area Councils, while the PDP secured victory only in Gwagwalada.
In a statement issued yesterday by PDP’s National Publicity Secretary, Ini Ememobong, the party congratulated its candidates, who emerged winners in the chairmanship and councilor elections.
The opposition party acknowledged the victories, noting that the number of wins was lower than expected but significant given the alleged irregularities during the polls.
“We specifically congratulate the Chairman-elect of Gwagwalada Area Council, Mohammed Kasim, and the councillors who have been declared successful by the Independent National Electoral Commission (INEC).
“This victory, though less in number than we anticipated, is particularly gladdening because it is against the background of unprecedented intimidation, high-powered money politics, and brazen executive brigandage,” the statement read.
Ememobong claimed that there are reports and video evidence indicating voter intimidation and unlawful conduct that influenced the outcome of the elections.
“Reports and video evidence abound where armed security personnel were used to cart away result sheets in polling units, intimidate voters, and unduly influence the outcome of the elections.”
To address complaints and litigations arising from the polls, he said the party has set up a legal team headed by its National Legal Adviser, Shafi Bara’u, Esq.
The statement urged candidates with legitimate grievances to contact the Legal Adviser promptly, as delays could jeopardise their chances in election petition cases.
“The incredible voter apathy in these polls is a direct response to the anti-people Electoral Act 2026, where the people have completely lost faith in the electoral outcomes from elections conducted under this Act.
“These Local Council polls may just be a foreshadowing of the forthcoming general elections in 2027 if changes are not urgently made,” the statement added.
The PDP called on the National Assembly and the President to take corrective action to safeguard the integrity of Nigeria’s democracy.
The Chief Justice of Nigeria, Kudirat Kekere-Ekun, will on Wednesday swear in Justice Joseph Oyewole as a Justice of the Supreme Court of Nigeria.
The ceremony is scheduled to be held at 2pm at Courtroom Two of the Supreme Court complex in Abuja.
The court urged guests to adhere strictly to the court’s protocols and security measures.
This was contained in a statement issued yesterday by the Supreme Court’s Director of Information and Public Relations, Dr Festus Akande.
The court described Oyewole’s appointment as a step towards reinforcing the capacity of the apex court to deliver fair and timely judgments.
Recall that Oyewole was, until his elevation, a Justice of the Court of Appeal and Presiding Justice of the Enugu Division, and joins the apex court bench as part of ongoing efforts to strengthen the judiciary.
The National Judicial Council recommended Oyewole for the position alongside 35 others for various judicial offices, following its 110th meeting held on January 13, 2026, and presided over by Justice Kekere-Ekun.
The statement partly read, “The Chief Justice of Nigeria, Hon. Justice Kudirat Kekere-Ekun, GCON, will on Wednesday, 25th February, 2026, preside over the swearing-in ceremony of the newly appointed Justice of the Supreme Court, Hon. Justice Joseph Olubunmi Kayode Oyewole, JCA.”
According to the statement, Oyewole served with distinction at the Court of Appeal and as Presiding Justice of the Enugu Division prior to his elevation.
“His appointment underscores the commitment of the Nigerian judiciary to upholding the rule of law, ensuring justice, and strengthening the bench with experienced and dedicated jurists. He brings a wealth of legal expertise and integrity to the apex court to further enhance its capacity to deliver fair and timely judgments,” the statement added.
The apex court further described the swearing-in as “another significant step in rejuvenating the judiciary and ensuring the continued delivery of justice in line with the highest standards of integrity, competence, and impartiality.”
The Supreme Court reiterated its commitment to justice, fairness and judicial independence for the benefit of Nigerians.
Rivers State Governor, Sir Siminalayi Fubara, has expressed deep shock and sadness over the sudden passage of Senator Barinada Mpigi, the Senator representing South East Senatorial District of Rivers State.
In a tribute to mourn the deceased, Governor Fubara described Mpigi as a brother, a consummate politician and one of the leading lights in Rivers State.
He said that Mpigi died at a critical time when his services were still needed by the people of Rivers State and prayed God Almighty to grant him eternal rest.
The governor commiserated with his immediate family, the Rivers South East Senatorial District and the Senate at large, asking them to take solace in the fact that the deceased lived a good life and impacted positively on the people.
Senator Mpigi died at the age of 64. Until his death, he was the Chairman of the Senate Committee on Works.
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