Federation Account
SERAP Seeks Court Order for CBN to Reveal LG Payments
The Socio-Economic Rights and Accountability Project (SERAP) has instituted a legal action at the Federal High Court in Lagos, seeking an order to compel the Central Bank of Nigeria (CBN) to publicly disclose detailed records of any direct payments made to Nigeria’s 774 local government councils from the Federation Account. The rights group is demanding […]
Supreme Court Dismisses States’ Suit on Recovered Loot
In a landmark ruling on Friday, the Supreme Court of Nigeria struck out a high-profile suit filed by the 36 state governments and the Nigeria Governors’ Forum (NGF), challenging the Federal Government’s handling of recovered looted assets amounting to over N1.8 trillion. The apex court ruled that the suit was improperly filed before it, as […]
SERAP Demands NNPCL Account for N500bn Shortfall
The Socio-Economic Rights and Accountability Project (SERAP) has raised serious concerns over the unexplained shortfall of N500 billion that the Nigerian National Petroleum Company Limited (NNPCL) reportedly failed to remit to the Federation Account between October and December 2024, according to recent findings by the World Bank. In a formal Freedom of Information request dated […]
SERAP Demands CBN Disclose Direct Funding to Local Governments
The Socio-Economic Rights and Accountability Project (SERAP) has issued a strong demand to the Central Bank of Nigeria (CBN) to publicly disclose whether it has commenced direct disbursement of allocations to the 774 local government areas (LGAs) across the country. This request follows the recent Supreme Court ruling nullifying the longstanding practice of state governors […]
Fed Account Allocation Drops for Third Consecutive Month
In a troubling signal for Nigeria’s fiscal trajectory, the Federation Account Allocation Committee (FAAC) has reported a third consecutive monthly decline in revenue allocation to the three tiers of government. The sum of N1.578 trillion was distributed among the federal, state, and local governments for March 2025, a drop from N1.678 trillion in February and […]
FG Recover N28.7bn from Oil Companies
The House of Representatives’ Public Accounts Committee has made a significant breakthrough in its efforts to recover outstanding revenue due to the Federation Account. The Rep committee has successfully recovered approximately N28.7 billion ($19,241,109.35) from two oil companies, Chorus Energy Limited and Seplat Production Development Limited. The Public Accounts Committee‘s investigation is based on findings […]