regime, used to pay salaries and defray overheads in flagrant breach of the Fiscal Responsibility Act 2007. The Act, in Section 41, stipulates that borrowing shall only be for capital expenditure and human capital development, just as Section 44 emphasises that the government must specify the purpose for borrowing and a cost-benefit-analysis should be attached to the request.
In the oil sector, multinational corporations owe Nigeria royalties, taxes and other fees regularly. Their indebtedness stood at $6.8 billion in 2019, which is an anomaly highlighted in NEITI’s report. There is a verified case of $17 billion worth of stolen crude between 2011 and 2014 by some firms, which the government vowed to recover. Sixty government agencies failed to remit the N3 trillion they generated in six years, the Senate Finance Committee discovered in 2021.
Insecurity, without question, is Nigeria’s biggest nightmare, with the North-East being hobbled by jihadists, as the North-West is under the spell of kidnapping and banditry. In the North-Central, killer-herders have made life unbearable for farming communities, forcing residents to live in Internally Displaced Persons camps, while the South-East is under hostage by unknown gunmen and Biafra irredentists.
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