A storm of controversy is raging again over the unremitted funds by the revenue-generating public agencies. It claimed that it used the funds to repair pipelines, underwrite petrol subsidies, security and management matters. In 2012, the erstwhile Goodluck Jonathan administration generated immense national uproar for spending N2.53 trillion on petrol subsidies in a single year. Beyond that, in this period of prolonged economic distress, the unremitted funds would go a long way. Already, the 2021 budget deficit is N5.6 trillion, while the Federal Government’s component of the total domestic debt of N20.03 trillion (September 2020) is N15.84 trillion or 49.18 per cent, and a further slice of the N12 trillion external debt stock.

Source: Punch March 14, 2021 23:03 UTC