By announcing that the money saved from the elimination of gasoline subsidies is being put back into important sectors to promote inclusive development and restore public confidence, President Bola Ahmed Tinubu has reaffirmed his administration’s dedication to openness and budgetary restraint.
Speaking through Dr. Doris Nkiruka Uzoka-Anite, Minister of State for Finance, at the National Conference on Public Accounts and Fiscal Governance on Monday, which was organized by the Senate and House of Representatives Public Accounts Committees (PACs), President Tinubu stated that the decision to eliminate the fuel subsidy was tough but necessary to realign the country’s fiscal priorities.
“Nigeria spent more than ₦4 trillion on fuel subsidies in 2022 than we did on capital projects that year.” As Tinubu put it, “such a fiscal pathway was not only unsustainable but unfair, favoring the wealthy, encouraging cross-border smuggling, and fostering systemic inefficiencies.”
According to him, the subsidy’s removal has freed up funds that are now being used for important infrastructure development, targeted economic projects, extended social protection programs, and upgrades to mass transit.
Nigeria is now more resilient to external economic shocks because we have strengthened our fiscal buffers, he continued.
Tinubu described fiscal governance as the “foundation of national growth,” emphasizing the significance of accountability, transparency, and wise resource management. He also added that a country’s riches is meaningless without these principles.
The president highlighted recent legislative changes to the tax system that aim to streamline procedures, digitize revenue collection, expand the tax base, and enhance the ease of doing business, while also acknowledging historical fiscal inefficiencies and reliance on oil revenue.
These tax reforms are essential to our country’s transformation and go beyond simple administrative adjustments. He stated, “We are creating a self-sufficient, diverse economy that is no longer exclusively dependent on oil.”
Tinubu emphasized strategic industries that he claimed are now reaping the benefits of increased investments and reform-driven attention, including manufacturing, agriculture, technology, renewable energy, mining, and the creative sector.
In order to help small and medium-sized businesses (SMEs), increase domestic production, and promote non-oil exports, he also mentioned the recently established National Credit Guarantee Company.
Tinubu noted better coordination between monetary and fiscal authorities and praised the Central Bank of Nigeria’s (CBN) efforts to stabilize the naira and reduce inflation.
He restated the indisputable nature of government openness, citing the Open Treasury Portal, IPPIS, and GIFMIS as examples of digital instruments to improve accountability in public finance management.
These tools allow citizens to access real-time financial data, hold leaders responsible, and track public spending. He emphasized that we need to shift from opacity to transparency.
As a reminder that supervision is a constitutional duty and not a partisan tool, the president urged the National Assembly, and especially the PACs, to carry out their oversight responsibilities with independence and honesty.
“Every naira must represent the value of money.” The interests of the people must be served by budgets,” he said.
In addition, he urged the courts, civil society, and media to take an active part in calling for budgetary restraint and promoted citizen engagement in governance.
Akpabio Issues a Warning About Increasing Legal Non-Compliance
PACs should assert their constitutional duties under Sections 80, 81, and 88 of the 1999 constitution, Senate President Godswill Akpabio, through Senator Abdul Ningi, cautioned of the increasing disdain for legislative summons by public officials and agencies.
“Anyone can be called by PACs to explain how public funds are being used. Refusing to come before them undermines the rule of law and is an outright disrespect to democracy, Akpabio stated.
He criticized MDAs’ increasing disregard for supervision and called on PACs to reaffirm their importance by in-depth research and value-based evaluations of public spending.
In order to help parliamentarians address oversight issues, particularly with regard to intricate institutions like the central bank, NNPC LimÂited, and FIRS, Akpabio asked for enhanced technical assistance and digital tools.
He stated that this conference needed to move beyond rhetoric and provide lawmakers with practical plans to improve fiscal governance.
Abbas Issues a Warning Over N300 Billion in Unrecovered Public Funds
Speaking through House Leader Julius Ihonbvere, Speaker of the House of Representatives Rt. Hon. Abbas Tajudeen criticized Nigeria’s inadequate audit enforcement, revealing that more than ₦300 billion in audit queries are yet unanswered.
“This culture of ignoring audit recommendations needs to change. Financial violations must have repercussions, he stated.
In order to guarantee MDA compliance, he pointed out that the House has moved from passive review to active enforcement, implementing follow-up procedures, digitizing audits, and implementing real-time tracking systems.
Read Also: “They Ignored Me!” — Imaobong Uko Blames AFN for 2-Year Ban
“Fiscal oversight is no longer a formality, it’s a strategic tool for national development,” Abbas stated, emphasizing the House’s initiatives to make audit reports easier to read and understand for the general public.
In order to guarantee accountability at all governmental levels, the speaker also promoted a single national audit system and emphasized the necessity of ongoing oversight of budget implementation outside of appropriation.
He continued by saying, “We are institutionalizing a culture of impact-based fund assessments, sectoral audits, and performance reviews.”
Wadada Calls for a Stop to Fiscal Carelessness
The chairman of the Senate Public Accounts Committee, Senator Ahmed Wadada, emphasized that the country has been deprived of important development due to the mismanagement of public funds and called for a national recommitment to fiscal integrity.
“The moral compass of public service is fiscal governance; it establishes whether revenues result in prosperity or wasted opportunities,” he stated.
According to Wadada, the Senate PAC has increased monitoring, held public hearings, and consulted stakeholders in an effort to improve financial transparency, citing a recent Auditor General’s report that revealed accountability flaws in multiple departments.
In order to eradicate financial wrongdoing, he further promised that the 10th Senate, led by Akpabio, will examine antiquated fiscal legislation and strengthen cooperation between government branches.
Salam Demands Systemic Fiscal Reforms
Nigeria’s fiscal framework needs to be overhauled systemically, according to Hon. Bamidele Salam, chairman of the House Public Accounts Committee.
The conference, “Fiscal Governance in Nigeria: Charting a New Course for Transparency and Sustainable Development,” he argued, must produce tangible reforms rather than merely grandiose statements.
“We need to firmly establish a culture in which public funds are viewed as a public trust rather than a private privilege,” Salam stated.
In addition to highlighting the strain that the nation’s public finance system faces due to population expansion, high young unemployment, and infrastructure deterioration, he emphasized the significance of citizen participation in budgeting and governance procedures.
Salam emphasized the necessity of improved financial reporting, auditing institutions, and conformity with constitutional duties while acknowledging the advancements made under Tinubu’s Renewed Hope Agenda.
Nigeria is praised by AFROPAC for its leadership in fiscal reform.
Nigeria is a continental model for fiscal accountability and openness, according to Hon. Medard Lubega Sseggona, president of the African Organization of Public Accounts Committees (AFROPAC).
According to him, the conference shows a strong commitment to sustainable development and responsible financial management.
Nigeria’s leadership role in bolstering public financial management in Africa is affirmed by this forum. He praised the move as a positive start toward establishing accountability-driven governance throughout the continent.
