ABUJA – Professor Sam Amadi, former Chairman of the Nigerian Electricity Regulatory Commission (NERC), has issued a formal critique of President Bola Tinubu’s fiscal management, alleging systemic “state capture” and the deliberate marginalisation of federal technocrats.
Amadi’s assertions follow a recent cabinet reshuffle and a controversial World Bank report highlighting significant gaps in federation revenue.
Alleged Marginalisation of Technocrats
Citing internal sources within the federal civil service, Amadi claimed that directors across various ministries are being undermined by the government’s refusal to release funds for statutory projects. He argued that this practice effectively neutralises the influence of professional technocrats, prioritising political control over administrative expertise.
Fiscal Divergence and “Political Funds”
Amadi further alleged that the national budget is being diverted into “political funds,” a claim he linked to the World Bank’s recent discovery of a “hidden spending system” involving over ₦34 trillion in unremitted revenue. He expressed concern that the administration’s fiscal priorities have shifted away from developmental governance toward the consolidation of political power.
Critique of Ministerial Appointments
The policy analyst also questioned the rationale behind the appointment of Taiwo Oyedele as Minister of Finance, replacing Wale Edun. Amadi described Oyedele as a “taxation evangelist,” suggesting that the transition was a strategic move to provide a sophisticated public defence for aggressive tax policies while the government remains opaque about expenditure.
Comparing the communication strategy to the “Squealer” character in political satire, Amadi suggested the new leadership in the Finance Ministry may lack the candour required to address Nigeria’s mounting fiscal challenges.
Administrative Response
While the Presidency has not issued a formal rebuttal to Amadi’s specific allegations, the Ministry of Finance recently defended the ₦34 trillion revenue gap identified by the World Bank, categorising it as legitimate statutory deductions for revenue collection costs.
