Frontier Exploration Fund: NRS Chairman Zacch Adedeji Dismisses Online Report as ‘Sponsored Fake News’
Frontier Exploration Fund: NRS Chairman Zacch Adedeji Dismisses Online Report as ‘Sponsored Fake News’
Chairman of the Nigeria Revenue Service (NRS), Dr Zacch Adedeji, has dismissed an online report concerning the Frontier Exploration Fund, describing the publication as “sponsored fake news” designed to mislead Nigerians and distort facts surrounding the management of the fund.
Adedeji, who also chairs the Federation Account Allocation Committee (FAAC), rejected claims contained in the report suggesting that funds meant for frontier exploration had been diverted or improperly handled.
The controversy followed an online publication which raised questions over the management and disbursement of the Frontier Exploration Fund and attempted to link Adedeji to alleged financial irregularities.
Responding to the allegations, the NRS chairman maintained that the claims were false and unsupported by facts, insisting that established financial procedures governing revenue collection, allocation and disbursement do not support the narrative presented in the report.
Adedeji explained that the Nigeria Revenue Service is responsible for the assessment, collection and accounting of revenues accruing to the Federal Government, stressing that it does not exercise the powers attributed to it in the controversial publication.
He maintained that the processes surrounding funds accruing to the Federation Account are governed by relevant laws and institutional procedures, making it important for media organisations and members of the public to properly understand the responsibilities of government agencies before making allegations.
The NRS chairman further described attempts to associate him with the alleged diversion of the Frontier Exploration Fund as misleading, saying the publication failed to provide credible evidence supporting its claims.
He urged Nigerians to disregard the report, while calling on journalists and online publishers to uphold professional standards by verifying information, consulting relevant institutions and establishing facts before publication.
The Frontier Exploration Fund was established under Nigeria’s petroleum industry framework to provide funding for exploration activities in frontier basins as part of efforts to expand the country’s hydrocarbon reserves and strengthen its energy sector.
Debate surrounding the fund has attracted public attention because of the significant financial resources involved and growing demands for transparency and accountability in the management of Nigeria’s oil and gas revenues.
Adedeji reiterated that public accountability remains important but argued that legitimate scrutiny should be based on verifiable facts rather than allegations capable of creating unnecessary controversy or damaging reputations.
The development comes amid increased public scrutiny of government revenue, expenditure and the management of funds within Nigeria’s petroleum sector, particularly as the Federal Government pursues fiscal and economic reforms.
