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President Bola Tinubu has emphasized his government's dedication to allocating sufficient resources to vital sectors of the economy, a strategy he claims is intended to rebuild public confidence and foster inclusive progress across the nation.
He made this remark on Monday during a national conference focused on Public Accounts and Fiscal Governance, organized by the Public Accounts Committees from both the Senate and House of Representatives.
Represented by Minister of State for Finance, Doris Uzoka-Anite, Tinubu pointed out that the removal of the subsidy, though difficult, was meant to reform the economy for the benefit of all Nigerians.
"In 2022 alone, Nigeria allocated over N4 trillion to fuel subsidies, exceeding our capital expenditure. This was physically untenable and unfair. Such a subsidy primarily benefited the wealthy, encouraged smuggling, and fostered inefficiency, making it neither fair nor strategic.
"Since its removal, we have redirected those funds toward targeted initiatives, broadening our social safety nets, enhancing public transportation, and funding essential infrastructure projects. Importantly, we have fortified our fiscal buffers, increasing Nigeria's resilience to external disruptions."
The President asserted that "for too long, Nigeria’s economy has been weighed down by structural inefficiencies, fiscal leakages, and a heavy reliance on oil revenues. However, we are not here to linger on past challenges. We are here to pave a new path."
The President also mentioned that newly enacted tax regulations will simplify compliance, broaden the tax base, ease collection, and improve the business climate in Nigeria.
"These reforms aim to expand the tax base by incorporating the informal sector, simplifying processes for small and medium enterprises, digitizing revenue collection to decrease human involvement and avoid leakages, as well as harmonizing multiple taxes to facilitate business operations in Nigeria," he stated.
The new tax framework was described by the President as "a governance imperative," indicating that his administration aims to lay the groundwork for a self-sustaining economy that gradually shifts away from oil reliance towards a more diverse and inclusive revenue structure.
He highlighted initiatives such as the National Credit Guarantee Company, designed to support local production, empower small and medium enterprises, and elevate non-oil exports, all aimed at shifting the economic narrative of the country.
"These endeavors transcend mere economic indicators. They generate jobs, encourage innovation, bolster economic resilience, and enhance our national security and long-term stability," Tinubu declared.
Turning to monetary policy, Tinubu recognized the Central Bank’s role in stabilizing the naira, controlling inflation, and effectively coordinating with fiscal authorities.
"There is now better synchronization between the fiscal and monetary aspects, and we are committed to alleviating inflationary pressures by addressing structural challenges, especially within food supply chains."
Tinubu urged the National Assembly, particularly the Public Accounts Committees, to fulfill their constitutional roles with "integrity, courage, and independence," asserting that "oversight should not be a political weapon. It is a patriotic responsibility. Every project must adhere to the principle of value for money, and every budget should reflect the new priorities of our citizens," he articulated.
Also addressing the conference, Senate President Godswill Akpabio urged the Public Accounts Committees in both legislative chambers to assert their constitutional authority in promoting government transparency and accountability, cautioning against the increasing issue of non-compliance with legislative summons.
Represented by Senator Abdul Ningi (PDP, Bauchi Central), Akpabio remarked, "The Public Accounts Committees are not merely legislative entities; they are constitutional bodies empowered by Sections 80, 81, and 88 of the Constitution to serve as guardians of public funds.
They possess the authority to summon any individual, whether from the public or private sector, to account for the utilization of governmental resources."
Akpabio expressed concern over the reluctance of certain agencies and individuals to respond to legislative summons, describing such behavior as an affront to democracy and the rule of law.
"Disregarding legislative invitations, particularly from the PACs, is unacceptable. This trend must cease. Agency heads, including the Head of Service and others, need to acknowledge the authority conferred upon the legislature by the amended 1999 Constitution.
"It is your responsibility to monitor how revenues are obtained, managed, allocated, and executed. Without accountability, prosperity cannot be achieved. Without discipline, development cannot occur," he added.
Akpabio also highlighted the obstacles faced by the legislature in performing its oversight duties, particularly in relation to intricate institutions like the Central Bank of Nigeria, the Nigerian National Petroleum Company Limited, and the Federal Inland Revenue Service.
The Senate President called for resources to equip the legislature, enabling it to meet the demands of effective law-making, representation, and oversight.
"The legislature faces many constraints. We require expertise and tools, especially digital technologies, to oversee the affairs of 250 million Nigerians. The task is daunting but necessary," he asserted.
Speaker of the House of Representatives Tajudeen Abbas raised concerns about outstanding fiscal violations in Nigeria, revealing that more than ₦300 billion in public funds identified in audit reports remain unrecouped. Abbas, represented by House Leader Julius Ihonbvere, urged government agencies to prioritize audit recommendations.
We have advocated for expedient implementation of audit suggestions and enhanced collaboration with anti-corruption organizations to ensure that those culpable are held accountable.
Furthermore, we have called for obligatory compliance and penalties for audit transgressions, closing the longstanding gaps that permit ministries, departments, and agencies to ignore audit inquiries without consequence.
"Fiscal responsibility cannot flourish without accountability for mismanagement," Abbas remarked.
The Speaker expressed concern that Nigeria's public finance framework is often undermined by non-compliance and delays in enforcing audit recommendations.
In response, he noted that the House has "worked towards streamlining the PAC process to minimize delays in reviewing Auditor-General reports, while also developing a systematic follow-up framework to monitor compliance by MDAs."
Abbas advocated for the incorporation of technology into the public accounting procedures to enhance transparency and accuracy. "The House is wholly committed to endorsing the integration of technology in public sector auditing and accounting practices.
We have championed the digitization of audit and financial reports, fostered real-time expenditure tracking tools, and encouraged MDAs to use automated audit software," he mentioned.
Speaker Abbas highlighted that the 10th House of Representatives prioritizes fiscal oversight, consciously elevating financial accountability "from mere procedural duties to a dynamic, results-oriented process."
According to him, the legislative body has engaged in extensive committee work, direct interaction with the Office of the Auditor-General, and follow-up on previous audit assessments.
"We have begun embedding a culture where the management of public funds is not only scrutinized but evaluated for actual impact. This includes the timely review of Auditor-General’s reports to ensure rapid legislative response and follow-up," he added.
He stressed that genuine transparency should not be limited to exclusive bureaucratic methods but should empower the citizenry.
"Fiscal transparency should not remain confined to elite circles of technocrats and auditors; it must evolve as a democratic right, enabling citizens to participate in shaping public policy.
"This is why the 10th House has prioritized the simplification and public accessibility of audit reports, facilitating meaningful engagement from ordinary Nigerians with government financial disclosures," the Speaker stated.
He further noted, "The House of Representatives strongly advocates for a coordinated approach to fiscal accountability, where audit methods, enforcement protocols, and compliance cultures are not disjointed, but standardized and mutually reinforcing."
The Chairperson of the Senate Public Accounts Committee, Senator Ahmed Wadada, urged Nigeria's public institutions and leaders across all sectors to recommit to a new standard of fiscal integrity and responsible governance.
Given the backdrop of escalating global economic uncertainties and dwindling domestic resources, Wadada underscored the necessity of "reinventing Nigeria’s fiscal framework," cautioning that restoring public confidence in the government hinges on transparency and verifiable service delivery.
"The vision ahead is clear: to cultivate a culture of fiscal discipline rooted in transparency, accountability, and citizen-centered service delivery," he proclaimed.
Wadada conveyed regret over previous fiscal failures, including inadequately monitored budgets and unaccounted funds.
"We have witnessed budgets passed absent proper oversight. We have seen funds allocated without tangible results. And we have often overlooked citizen input in matters that directly impact their livelihoods," he noted.
He challenged all parties involved, including the legislature, executive branch, civil society, and private sector, to regard public funds not as entitlements, but as a "sacred trust."
"We must uphold fiscal integrity not merely as a catchphrase but as a standard. We must consider public funds as a sacred trust. And we must ensure every Naira counts, in education, health, infrastructure, security, and for future generations," Wadada implored.
Referencing a recent audit report from the Office of the Auditor-General of the Federation, the Senator recognized ongoing gaps in financial transparency and accountability among government agencies.
"These findings underscore the necessity for continuous improvement of our public financial management systems.
In this respect, the Senate's Public Accounts Committee has enhanced its oversight capabilities, initiated inclusive public consultations, and engaged crucial stakeholders, all aimed at fostering a culture of openness, accountability, and responsible governance," he explained.
"Nigeria must not only meet domestic expectations but must also fulfill international standards in public finance, debt management, and transparent governance," he concluded.
The Chair of the House of Representatives Public Accounts Committee, Bamidele Salam, called for a thorough re-assessment of Nigeria’s fiscal governance frameworks, urging all public officials to go beyond mere rhetoric and ensure that public funds serve the common good.
"Ensuring that public resources benefit the public is a mantra we must not only profess but also demonstrate and embody in all our actions as public servants," he asserted.
With the theme "Fiscal Governance in Nigeria: Charting a New Course for Transparency and Sustainable Development," Salam described this event as a "crucial step in our shared quest for transparency, accountability, and sustainable growth in Nigeria."
"We acknowledge that our nation's advancement is inextricably linked to the effectiveness of our fiscal governance frameworks. It is our collective duty to guarantee that public resources are administered in a lawful, transparent, prudent, judicious, accountable, and efficient fashion," he stated.
Salam recognized some ongoing fiscal reforms under President Bola Ahmed Tinubu’s administration through the Renewed Hope Agenda but noted that further efforts are needed to enhance financial reporting, auditing institutions, and align governance with constitutional mandates.
"Over the past two years of my role as Chair of this constitutional committee in the House of Representatives, I have increasingly realized the urgency to tackle fundamental issues regarding the punctuality and quality of our financial reporting frameworks, the integrity of our budgeting and procurement processes, the capacity of our supreme audit institution, and the successful realization of our shared vision as articulated in Chapter 2 of the amended 1999 Constitution," he concluded.
