Abuja, Nigeria — Concerns have emerged over Nigeria’s inflated oil revenue projections for the fiscal year, with reports indicating that the figures may have been manipulated to accommodate questionable constituency project allocations by lawmakers.
According to sources within the budget oversight framework, the overestimation of oil revenue—amid fluctuating global oil prices and persistent production challenges, appears to be strategically designed to justify the massive funds earmarked for so-called constituency projects. Analysts say many of these projects are either non-existent, duplicated, or poorly executed, further straining the country’s public finances.
Experts warn that such practices not only weaken the credibility of national budgets but also undermine efforts to manage Nigeria’s debt and economic reform initiatives. “You cannot peg revenue on hopes and political convenience. This creates a false sense of financial stability,” said one fiscal analyst familiar with the situation.
Civil society organisations have called for urgent reforms in budget preparation and monitoring, insisting that transparency and accountability must guide both revenue projections and spending.
The Federal Government is yet to officially respond to the revelations, but insiders suggest that a review of oil revenue assumptions may be imminent amid growing scrutiny.
