Presidency Responds To US Fiscal Transparency Report, Says Nigeria Committed To Reforms

The Presidency has responded to a report by the United States Department of State on Nigeria’s fiscal transparency, saying the Federal Government remains committed to strengthening accountability, public financial management and disclosure of public resources.

In a statement posted on X by the Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, the Presidency said the report was an external assessment that should be properly contextualised rather than viewed as a comprehensive evaluation of Nigeria’s entire fiscal governance system.

Dare said fiscal transparency, accountability and effective public financial management remained priorities of the Federal Government, adding that Nigeria was implementing reforms to improve the management, reporting and disclosure of public resources.

He explained that the US Fiscal Transparency Report assesses countries against the State Department’s minimum fiscal transparency requirements, particularly the public disclosure of national budget information, government contracts and natural-resource licences.

“It should therefore not be interpreted as a comprehensive assessment of all fiscal and public financial management reforms currently underway in Nigeria,” Dare said.

According to him, the report itself acknowledged progress by Nigeria in making budget documents and debt obligations publicly available.

He said the concerns raised in the report, particularly regarding procurement disclosure, budget-execution reporting and audit processes, were areas the government was addressing through ongoing institutional reforms.

“The issues identified, particularly around procurement disclosure, budget-execution reporting and audit processes, are areas that the government takes seriously and where ongoing institutional reforms are intended to produce further improvements,” he said.

Dare said Nigeria had established several mechanisms to promote fiscal transparency, including the Open Treasury initiative, public budget documentation, debt disclosures and reforms to the public procurement system.

He added that the government was also strengthening digital procurement and other systems aimed at improving the accessibility, reliability and timeliness of public financial information.

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The presidential aide said the appropriate response to the US report was neither to dismiss its findings nor to present them as a complete assessment of Nigeria’s fiscal governance.

“Rather, the report provides an external benchmark against which existing reforms can be further strengthened,” he said.

Dare said the Federal Government remained committed to improving the quality and timeliness of fiscal reporting, strengthening audit institutions and expanding public access to procurement information.

He added that the government would continue working to give citizens, investors and other stakeholders greater visibility into how public resources are managed and utilised.

“The objective is ultimately the same: a more transparent, accountable and credible fiscal system that strengthens public confidence, supports investment and ensures that public resources are managed efficiently and in the national interest,” he said.