State revenues are swelling to unprecedented levels, with trillions of naira streaming into government coffers. Yet for millions of Nigerians, hardship is intensifying, and relief remains distant, prompting an unsettling question: Where is the money truly going? Festus Akanbi asks On paper, Nigeria’s states are earning more than ever. In reality, many citizens are living with less. This contradiction characterises the current state of Nigeria’s subnational economy. Allocations from the Federation Account Allocation Committee (FAAC) have surged to historic highs, yet poverty, debt pressures, and strained public services persist. The books suggest abundance. The streets tell a different story. Following the removal of fuel subsidy, exchange rate reforms, and improved oil remittances, FAAC...