ABUJA – President Bola Ahmed Tinubu has reiterated his administration’s dedication to transparency and responsible financial management, stating that funds saved from the removal of fuel subsidies are being redirected into critical sectors to promote inclusive development and restore public confidence.....KINDLY READ THE FULL STORY HERE▶

President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to fiscal discipline, transparency, and inclusive growth, revealing that funds saved from the removal of fuel subsidies are being strategically reinvested into critical sectors to rebuild trust and stimulate national development.

Speaking through the Minister of State for Finance, Dr. Doris Nkiruka Uzoka-Anite, at the National Conference on Public Accounts and Fiscal Governance held Monday in Abuja, President Tinubu noted that ending the fuel subsidy—though a difficult decision—was necessary to realign Nigeria’s fiscal priorities.

“In 2022 alone, Nigeria spent over ₦4 trillion on fuel subsidies—more than the entire capital budget for that year. Such a fiscal trajectory was unsustainable and inequitable, benefiting the wealthy, encouraging cross-border smuggling, and fueling systemic inefficiencies,” he said.

Tinubu explained that the elimination of the subsidy has freed up vital resources, now being redirected into targeted economic programmes, expanded social welfare schemes, mass transit improvements, and essential infrastructure.

“Importantly, these efforts have helped strengthen our fiscal buffers and increased Nigeria’s resilience to external economic shocks,” he added.

Describing fiscal governance as the foundation for national progress, the president stressed the need for transparency, accountability, and prudent resource management—values he said are essential to convert national wealth into tangible improvements in citizens’ lives.

While acknowledging past inefficiencies and an overdependence on oil revenues, Tinubu voiced optimism over the country’s reform trajectory. He highlighted recent tax and revenue reforms aimed at simplifying processes, digitising collections, broadening the tax base, and improving the ease of doing business.

“These reforms are not mere administrative updates—they are transformative. We are building a diversified, self-sustaining economy no longer tethered solely to oil,” he said.

President Tinubu pointed to renewed investment in key sectors—agriculture, manufacturing, technology, renewable energy, mining, and the creative industry—driven by reform-minded policies. He also cited the newly created National Credit Guarantee Company as a tool to boost small and medium-sized enterprises (SMEs), promote local production, and support non-oil exports.

On monetary policy, Tinubu acknowledged the Central Bank of Nigeria’s efforts to stabilise the naira and rein in inflation, noting improved coordination between fiscal and monetary authorities.

He reaffirmed the administration’s zero-tolerance stance on opacity in public finance, emphasizing the role of platforms such as IPPIS, GIFMIS, and the Open Treasury Portal in enhancing transparency and real-time accountability.

“These systems allow us to track public expenditure, ensure value for money, and give citizens access to the state’s financial operations. We must leave behind a legacy of openness,” he asserted.

Tinubu also urged the National Assembly, particularly its Public Accounts Committees (PACs), to carry out their oversight functions with integrity and independence, reminding lawmakers that fiscal oversight is a constitutional obligation, not a political weapon.

“Every naira must translate into value. Budgets must reflect the priorities and needs of the people,” he declared, also calling on the media, civil society, and judiciary to actively support fiscal accountability.

Legislative Leaders Sound the Alarm

Senate President Godswill Akpabio, represented by Senator Abdul Ningi, raised concerns over rising non-compliance by public officials with legislative summons, urging PACs to assert their constitutional powers under Sections 80, 81, and 88 of the 1999 Constitution.

“Refusal to appear before PACs is not just disrespectful—it is an assault on democracy and undermines the rule of law,” he warned.

Akpabio called for stronger technical capacity and digital tools to help lawmakers monitor institutions such as the CBN, NNPC Limited, and FIRS, and demanded that the conference produce concrete strategies for improved fiscal oversight.

N300 Billion Audit Queries Unresolved — Abbas

Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen (represented by House Leader Julius Ihonbvere), lamented the failure to act on audit queries amounting to over ₦300 billion, describing it as a persistent culture of impunity.

“There must be consequences for financial violations. Audit recommendations cannot continue to be ignored,” he said.

He noted that the House has adopted a more aggressive oversight approach—digitising audits, implementing follow-up mechanisms, and introducing real-time compliance tracking.

“Fiscal oversight is now a strategic development tool, not a procedural formality,” Abbas said, calling for a unified national audit system to ensure accountability across all levels of government.

Wadada: End Fiscal Lawlessness Now

Senator Ahmed Wadada, Chair of the Senate PAC, demanded a national recommitment to fiscal integrity, saying reckless financial practices have deprived the country of meaningful development.

“Fiscal governance is the ethical compass of public service. It determines whether revenue becomes prosperity or is lost to corruption,” he stated.

He cited a recent Auditor-General’s report exposing major gaps in accountability and pledged that the 10th Senate would strengthen financial transparency, hold public hearings, and review outdated fiscal laws.

Salam: Systemic Overhaul Urgent

House PAC Chairman, Hon. Bamidele Salam, called for a complete overhaul of Nigeria’s fiscal framework, insisting the country must shift from rhetoric to reforms.

“We must instill a culture where public funds are viewed as a sacred trust—not a privilege for a few,” he said.

Salam also urged greater citizen involvement in budgeting and governance, while acknowledging gains under Tinubu’s Renewed Hope Agenda. However, he stressed the need for stronger audit systems, transparent reporting, and alignment with constitutional mandates.

AFROPAC Hails Nigeria’s Reform Leadership

AFROPAC President, Hon. Medard Lubega Sseggona, commended Nigeria’s fiscal reform efforts, saying the country is leading by example in public financial management across Africa.

“This conference sends a strong signal that Nigeria is committed to building transparent, accountable governance. It’s a model for the continent,” he said.

”NIVONEWS’

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