Nigeria fiscal governance reforms under Tinubu drive bold new measures for transparency, public trust, and inclusive development, say top government officials
[dropcap]P[/dropcap]resident Bola Tinubu has reaffirmed that Nigeria fiscal governance reforms are essential to national renewal.
Also read: Nigeria electricity subsidy debt rises in shocking new report on power crisis
Speaking at a major conference on Public Accounts and Fiscal Governance, the President committed to funding key sectors, rebuilding trust, and ensuring inclusive development.
Represented by Doris Uzoka-Anite, Minister of State for Finance, Tinubu said the subsidy removal was necessary for redirecting funds towards broader economic growth.
“In 2022 alone, Nigeria spent over N4tn on fuel subsidies, more than we allocated to capital expenditure. This was not only physically unsustainable, but it was also unjust,” he noted.
Those savings are now used to expand social safety nets and improve transport and infrastructure. According to Tinubu, the redirection of funds is making Nigeria more resilient to global financial shocks.
He pointed out that previous administrations allowed inefficiencies and leakages to undermine the economy. However, Tinubu explained that the reforms are laying the groundwork for a self-sustaining economy, no longer reliant solely on oil.
Through the introduction of simpler tax laws, his government aims to widen the tax base and integrate informal markets.
“These reforms are designed to widen the tax base by integrating the informal sector,” he said. “We are digitising revenue collection to reduce interference, and we are harmonising taxes to make doing business easier.”
Citing new agencies such as the National Credit Guarantee Company, Tinubu noted that small and medium businesses would now have more access to funding.
He also praised the Central Bank’s role in stabilising the naira and lowering inflation. Coordination between fiscal and monetary policy, he said, has already improved.
Senate President Godswill Akpabio echoed the call for transparency. He urged Public Accounts Committees to use their powers to enforce oversight.
“The Public Accounts Committees are not just legislative creations,” Akpabio said. “They are constitutional bodies empowered to act as watchdogs of public funds.”
Akpabio, represented by Senator Abdul Ningi, warned against the growing disregard for legislative summons. He said the refusal of some agencies to honour invitations undermines democracy and must not be allowed to continue.
Speaker of the House of Representatives Tajudeen Abbas also weighed in, citing over ₦300bn flagged in unresolved audit issues. He said: “Fiscal responsibility cannot thrive in the absence of consequences for mismanagement.”
Abbas emphasised that oversight is a priority for the 10th House and revealed plans to digitise audits and track public spending in real time.
“We have promoted real-time expenditure tracking and encouraged MDAs to adopt automated audit software,” he said.
He stated that true transparency requires that citizens be able to engage with audit findings. “Transparency should empower citizens, not just serve technocrats. Reports must be simplified and accessible to all Nigerians.”
Senator Ahmed Wadada, Chairman of the Senate Public Accounts Committee, called for a cultural shift in how Nigerians view public funds.
“We must treat public funds not as a privilege but as a sacred trust,” he said. He noted that past failures in budget monitoring and accountability have weakened public faith in government.
“We are seeing a decisive turn towards transparency,” Wadada added. “This must go beyond slogans. Every Naira must be justified.”
Bamidele Salam, Chair of the House Public Accounts Committee, closed the event by urging sincerity in implementing reforms.
“Making public funds work for the public good is a mantra we must not only proclaim but practice,” he said.
He praised the Renewed Hope Agenda but noted gaps in auditing, procurement, and governance.
“Financial reporting must improve in both quality and timing. Our institutions must meet their constitutional mandate,” Salam concluded.
Also read: From subsidy removal to infrastructure boom: How Tinubu’s policies are reshaping Nigeria
The Nigeria fiscal governance reforms are now firmly in motion. As more public officials echo the call for integrity and discipline, expectations for meaningful impact remain high.
Oreoluwa is an accountant and a brand writer with a flair for journalism.
