President Bola Tinubu on Monday, disclosed that ongoing economic reforms initiated by his administration are geared toward widening the tax base by integrating the informal sector, simplify compliance for small and medium-sized enterprises (SMEs), digitise revenue collection to reduce human interference and eliminate leakages, and harmonise multiple taxes to make doing business easier in Nigeria.
President Tinubu stated this in Abuja while declaring open the 2025 National Conference on Public Accounts and Fiscal Governance, with the theme: ‘Fiscal Governance in Nigeria: Charting a New Course for Transparency and Sustainable Development’, applauded the Senate and House of Representatives’ Committees on Public Accounts for the unwavering commitment to the ideals of accountability, transparency, and public-sector efficiency.
While describing the theme of the Conference as apt and timely, President Tinubu averred that the conference “resonates deeply with the aspirations of our administration to reset the fundamentals of Nigeria’s public finance architecture, and steer the nation toward a path of resilience, inclusive growth, and sustainable development.
ALSO READ: Foreign investors seek Tinubu’s intervention over $250m investment loss
“The truth is simple but sobering: fiscal governance is the lifeblood of national development. Without accountability, transparency, and effective resource management, no nation—no matter how richly endowed—can achieve sustainable growth or meet the needs of its citizens.
“For far too long, Nigeria’s economy has been burdened by structural inefficiencies, fiscal leakages, and an overreliance on oil revenues. The result has been underinvestment in key sectors, debt vulnerabilities, and limited capacity for social spending. But we are not here today to dwell on the challenges of the past—we are here to chart a new course.
“Distinguished ladies and gentlemen, we are at a critical juncture in our nation’s history. Over the past year, my administration has taken bold and necessary decisions that are already redefining the fiscal landscape of Nigeria.
“One such decision was the removal of the petroleum subsidy—a longstanding policy that had, over time, become a significant drain on public finances, riddled with inefficiency, opacity, and abuse. While this reform came with understandable pains, especially for our most vulnerable Citizens, it was a vital step to free up fiscal space for investment in infrastructure, education, healthcare, and social protection.
“Indeed, in 2022 alone, Nigeria spent over ₦4 trillion on fuel subsidies— more than we allocated to capital expenditure. This was not only fiscally unsustainable; it was unjust. A subsidy that disproportionately benefits the affluent, encourages smuggling, and breeds inefficiency is neither equitable nor strategic.
“Since its removal, we have redirected those funds into targeted interventions: expanding social safety nets, improving public transportation, and financing critical infrastructure projects. Most importantly, we have strengthened our fiscal buffers, making Nigeria more resilient to external shocks.”
President Tinubu who was represented by Minister of State for Finance, Dr. Doris Uzoka-Anite who pledged steadfast commitment towards ensuring that the gains from this difficult, yet necessary reform, are redirected towards building a Nigeria that works for everyone, explained that the Tax Reform laws recently signed into law, “represent another milestone in our journey toward sustainable fiscal governance, and I must commend and thank the National Assembly for the sterling role you played in the passage of these key laws.
“These reforms are designed to: widen the tax base by integrating the informal sector, simplify compliance for small and medium-sized enterprises (SMEs), digitize revenue collection to reduce human interference and eliminate leakages, and harmonize multiple taxes to make doing business easier in Nigeria.
“A modern, transparent, and fair tax system is not just a revenue tool; it is a governance imperative. Through these reforms, we are building the foundation of a self-sustaining economy—one where reliance on volatile oil revenues will gradually give way to a more diverse and inclusive revenue base.”
According to him, another central policy objective of the present administration is centred on the unwavering commitment to strengthening and revitalizing the Nigerian economy through a strategic process of diversification.
“We recognize that sustainable economic growth depends on reducing over-reliance on oil revenues and developing a broader range of productive sectors.
“To this end, agriculture, manufacturing, digital services, renewable energy, mining, and the creative economy have been identified as key pillars of this transformation. These sectors are receiving targeted investments, policy reforms, and infrastructural support aimed at boosting productivity, creating jobs, and fostering inclusive economic development across the country.
“We have launched a new wave of strategic initiatives, including the establishment of the National Credit Guarantee Company, aimed at encouraging local production, supporting small and medium-sized enterprises (SMEs), and deepening Nigeria’s non-oil export base. These efforts go beyond mere economic metrics; they are fundamentally about creating jobs, fostering innovation, building economic resilience, and, most importantly, strengthening our national security and long-term stability.”
In his address, Speaker Abbas Tajudeen who described the Public Accounts Committees in the legislature as watchdogs to ensure transparency and accountability in government expenditure, underlined the importance of transparency and accountability in public office.
While stressing the need for effective audit implementation, digital finance tracking, enhanced subnational fiscal oversight, stronger anti-corruption frameworks, sustained capacity building, and deepened fiscal transparency, Speaker Tajudeen harped on the need to ensure that public funds are properly accounted for and used for the public good.
According to him, “Recent audit reports reveal that over N300 billion of public funds remain unaccounted for. More than sixty per cent of federal ministries, departments, and agencies failed to comply with financial regulations. The reports identify challenges that include unauthorised virements, incomplete audit cycles, institutional leakages, and weak enforcement of rules.
“The 2024 Subnational Audit Efficacy Index reveals an even more dire situation at the state level. Only two States (Yobe and Ekiti) scored above 50% on the index. Twenty-one States failed to publish their 2023 audit reports. Additionally, in most states, the Offices of the Auditor-General remain financially and administratively dependent on the Executive. These issues are not merely institutional failures; they also pose direct threats to service delivery, development, and the credibility of democracy.
“On a broader level, the legislature has shown a strong commitment to supporting initiatives that benefit ordinary citizens. Our focus has been on economic policies aimed at improving conditions for all. Such actions require bold and decisive leadership, which President Bola Ahmed Tinubu exemplifies. I commend him for his courage, conviction, and consistent support for the work of the National Assembly, always prioritising the people’s best interests.”
Speaker Tajudeen also tasked both State and Local Governments on the need to key into the progress made at the federal level, by strengthening the Public Accounts Committees.
“It is concerning that, in many of our states, the Public Accounts Committees remain weak, underfunded, or inactive. As mentioned earlier, in some states, audit reports are neither produced nor published. In others, the PACs lack the authority or training to carry out proper oversight or analyse audit reports.
“This underscores the importance of focusing on subnational accountability. To this end, the House of Representatives is collaborating with State Houses of Assembly to exchange best practices, harmonise oversight procedures, develop standardised PAC manuals, and provide training. Our aim is to ensure that public officials across all states of the federation are held to consistent standards of accountability.
“Building on this, it has been consistently observed that audit findings should not remain theoretical; they should be applied in practice. They must result in refunds, sanctions, and reforms. Therefore, the 10th House is considering mechanisms that will ensure ministries and agencies report on the implementation of PAC recommendations within designated timelines. It is not sufficient to merely identify irregularities; there must be consequences.
“In doing so, we draw inspiration from other jurisdictions. In Ghana, the Auditor-General has the constitutional authority to disallow illegal expenditures and surcharge those responsible. This has resulted in the recovery of substantial funds. In the United Kingdom, the House of Commons Public Accounts Committee works closely with the National Audit Office. The British government accepts more than 90 per cent of its recommendations and responds through formal Treasury Minutes that specify clear timelines for
implementation.
“In Kenya, Parliament has adopted real-time digital tools to monitor audit queries from the Auditor-General. This system allows both Auditors and legislators to follow up promptly and transparently. Rwanda’s achievements in public finance management are also instructive. Its eprocurement and financial disclosure portals have significantly reduced graft and improved the country’s standing on global budget transparency indices.”
In his remarks, Chairman, House of Representatives’ Committee on Public Accounts, Rep. Bamidele Salam who described the conference as a significant milestone in our collective pursuit of transparency, accountability, and sustainable development in Nigeria, underscored the urgent need for the present administration to unite to combat the ills of corruption, impunity and abuse of due process in public sector financial management.
He said: “As we gather here today, we are mindful of the complexities and challenges that Nigeria faces in its quest for sustainable development. We recognize that our nation’s progress is inextricably linked to the effectiveness of our fiscal governance systems. It is our collective responsibility to ensure that public resources are managed in a lawful, transparent, prudent, judicious, accountable, and efficient manner.
“This even becomes more expedient if one considers the dwindling resources, booming population, increasing rate of youth unemployment, and a huge deficit in our infrastructure and social service systems especially in the last two decades.
While acknowledging the bold initiative of the present administration in terms of the various reforms initiated to enhance public revenue, remove wastages and address various social and economic challenges under the Renewed Hope Agenda of His Excellency President Bola Ahmed Tinubu, there is an urgent need for us to unite around a common agenda of an urgent need to combat the ills of corruption, impunity and abuse of due process in public sector financial management.
“Making public funds work for the public good is a mantra we must not only proclaim but must be seen to internalise and practice in all we do as public servants.
“In the last two years of my stewardship as the Chair of this constitutional committee in the House of Representatives, I have seen the need, more than ever before, to address fundamental issues around the timeliness and quality of our financial reporting systems, the integrity of our budgeting and procurement process, the capacity of our supreme audit institution and the successful implementation of our shared vision as contained in Chapter 2 of the 1999 constitution as amended.
“As Africa’s biggest economy and the most populous black Nation on earth, Nigeria must play a leading role in the economic emancipation of this continent and there is no way we can achieve this if we do not make concerted, conscious efforts to recalibrate our fiscal responsibility systems and improve on our global transparency index.
“It is our hope that this conference will come up with clear, actionable, pragmatic and measurable plans to achieve this objective in the immediate, short-term and long-term.”
“It is gratifying to report that at a pre-conference dinner held last night, we achieved one of the goals of this conference which is a commitment by both Chambers of the National Assembly to speedily pass the Audit Bill, a piece of legislation, central to promoting accountability in Nigeria but which has been delayed for more than ten years.“
and then