‎The Federal Government says deductions from the federation earnings by the Federation Account Allocation Committee, FAAC, are being misrepresented as a diversion of revenue.
‎The minister of state for finance, Taiwo Oyedelemade this known in a statement on Sunday
‎According to him, some media reports were misrepresenting the findings of the World Bank in the Nigeria Development Update, NDU
‎He stated that the reports on the NDU were describing the deduction reported by the World Bank as a diversion of revenue or as hidden spending, whereas the financial institution attributed it to statutory transfers, savings and investments, security-related expenditures, among others.
‎He added that the interpretations misrepresented the World Bank’s analysis and reflected a misunderstanding of the fiscal system.
‎The finance ministry said refunds and transfers to states and other tiers of government were not leakages.
‎The ministry further stated that the World Bank report was positive, as it revealed economic growth was becoming more broad-based across sectors,
Edited by Favour Owonibi.