Human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has urged the Federal Government to recover billions of dollars in outstanding oil royalties allegedly owed to the country, arguing that doing so would reduce the need for continuous borrowing.
Falana made the call amid growing concerns over Nigeria’s rising debt burden and the government’s increasing reliance on loans to fund public expenditure and development projects. He maintained that substantial revenues remain uncollected from the oil sector, despite the country’s pressing financial challenges.
Speaking during an interview on Channels Television, on Friday, 5 June, 2026, the senior lawyer questioned the rationale behind seeking fresh loans while huge sums that belong to the country have yet to be recovered. He specifically called on the Attorney General of the Federation to take decisive action toward retrieving the funds.
“I do not expect that the Attorney General will ignore my request which is that we cannot be taking loans running to billions while the government is not prepared or cannot muster the political will to collect about $120.5 billion,” Falana said.
According to him, the recovery of the outstanding oil royalties could provide a significant boost to government revenue and ease pressure on public finances. He argued that the funds, if recovered, could be deployed to critical sectors of the economy and reduce dependence on both domestic and foreign borrowing.
Falana further stressed that effective revenue collection remains one of the most sustainable ways for the government to address fiscal challenges. He noted that authorities must demonstrate the determination to pursue all legitimate sources of income before accumulating additional debt.
The senior advocate maintained that recovering the alleged $120.5 billion would represent a major step toward strengthening the nation’s economic position and improving fiscal accountability.
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