The question is what Nigeria has built with more than N160 trillion in public allocations over nearly three decades. This means that the estimated FAAC allocations shared since 1999 are larger than the country’s entire current debt stock. Nigeria’s proposed 2026 capital expenditure of N26.08 trillion is only a fraction of the estimated FAAC allocations shared since 1999. Nigeria must strengthen accountability institutions, including auditors-general, public accounts committees, anti-corruption agencies and civil society organisations, to monitor how FAAC resources are utilised. Until that happens, N160 trillion in FAAC allocations will remain a symbol of missed opportunity rather than a foundation for national transformation.