Speaker of the House of Representatives, Tajudeen Abbas, has raised alarm over the scale of corruption and illicit financial flows draining Africa’s economy, warning that billions of dollars needed for development are vanishing each year.

Speaking on Monday in Abuja at the opening of the 8th African Network of Parliamentary Budget Offices (AN-PBO) Conference, Abbas urged African parliaments to strengthen fiscal oversight, plug leakages, and adopt modern technology to improve budget scrutiny.

The Speaker painted a grim picture of Africa’s financial haemorrhage, revealing that the continent loses over $587bn annually to capital flight and illicit financial flows, while Nigeria alone loses about $18bn each year to procurement fraud, equivalent to 3.8 per cent of its GDP.

“Africa, with its 1.4 billion people, stands at a crucial crossroads. We must align our government budgets with the continent’s aspirations under Agenda 2063,” Abbas declared.

“These are funds that should be building roads in Lagos, equipping hospitals in Nairobi, or improving schools in Accra. Instead, they vanish.”

Abbas also defended Nigeria’s borrowing policy, stressing that the House of Representatives fully supports President Bola Ahmed Tinubu’s borrowing strategy, provided funds are applied responsibly.

He dismissed media reports suggesting otherwise as “inaccurate and misleading,” insisting that borrowing remains vital to finance infrastructure and stimulate growth.

“Under President Tinubu’s leadership, borrowed funds are being channelled towards transformative projects in power, transport, and agriculture, not for consumption. The House stands firmly behind this vision,” Abbas said.

The Speaker outlined reforms designed to entrench transparency, highlighting the creation of the National Assembly Budget and Research Office (NABRO) to provide lawmakers with independent budget analysis and economic forecasts.

“NABRO will rival, and perhaps exceed, the U.S. Congressional Budget Office in credibility and capacity,” he assured, noting that the bill has already passed the House and awaits Senate concurrence.

Other reforms include strengthening fiscal responsibility laws, empowering Public Accounts Committees, reforming procurement systems, and training lawmakers in economic analysis.

Abbas urged African parliaments to embrace artificial intelligence, blockchain, and digital platforms in budget scrutiny, citing countries like Estonia and South Korea where technology has curbed graft and improved accountability.

“In Nigeria’s National Assembly today, it is still common for MDAs to dump mountains of documents to confuse committees. AI can scan thousands of pages in minutes, flagging anomalies that would otherwise go unnoticed,” he noted.

Call For Continental Collaboration

The Speaker stressed that no country can achieve fiscal transparency in isolation, urging African parliaments to share data, harmonise revenue forecasting tools, and work jointly against tax evasion and illicit financial flows.

“Stronger oversight in one African nation benefits the whole continent,” he said.

Declaring the conference open, Abbas accepted his appointment as Patron of the AN-PBO Network and pledged Nigeria’s commitment to advancing regional cooperation on fiscal reforms.

“Our pursuit of accountability and development will be challenging but possible through determined action and collective effort,” he concluded.