The United States Government has criticised Nigeria’s fiscal transparency record, saying the Federal Government has not provided enough information for the public to clearly understand how government revenues are generated and how public funds are spent.
The criticism was contained in the 2026 Fiscal Transparency Report released by the US Department of State on Tuesday.
The report acknowledged that Nigeria had made some fiscal information available to the public.
However, it said the documents published by the government did not provide a complete picture of the country’s revenue and expenditure.
According to the report, important gaps remain in the way Nigeria presents information on public finances. It also raised concerns about the level of detail provided on spending by executive offices.
The United States government further questioned the relationship between Nigeria’s approved budget and the actual revenue and expenditure recorded during implementation.
“Actual revenues and expenditures did not reasonably correspond to those in the enacted budget. The government did not publish accessible information on public procurement contracts,” it stated.
The US report also examined Nigeria’s audit system.
It said the country’s supreme audit institution did not meet international standards for independence. It also faulted the institution for failing to publish substantive reports, despite having access to the government’s entire executed budget.
The report said stronger independent auditing would improve public scrutiny of government spending and help Nigerians understand whether approved funds are being used for the purposes for which they were appropriated.
Procurement was another area highlighted by the United States.
The report said Nigeria continued to face challenges in making information about government contracts easily available to the public.
This, according to the assessment, limits the ability of citizens to monitor how public contracts are awarded and implemented.
The US government, however, did not describe Nigeria’s fiscal transparency record as lacking progress in every area.
It noted that the country had made information on its debt obligations publicly available. This included major debt obligations associated with state-owned enterprises.
Nigeria also received acknowledgement for its natural resource contracting framework.
The US government said Nigeria had established legal criteria and procedures for awarding licences and contracts for natural resource extraction.
It added that the government generally followed the existing regulations in practice.
Despite these areas of progress, Washington said more needed to be done to make Nigeria’s public finances easier for citizens to understand and scrutinise.
It recommended that the Federal Government make its executive budget proposal widely and easily accessible to the public, including through online platforms.
Tinubu has repeatedly presented fiscal discipline and transparency as key parts of his economic programme.
At the signing of the 2025 Appropriation Act on February 28, 2025, the President said the government must be careful about how it spends public money.
“We cannot spend what we do not have,” Tinubu said.
He also said the government would work to increase revenue, attract investment and ensure accountability in public spending.
“Hold every agency accountable for prudent spending and value-for-money initiatives,” the President said.
The administration has since introduced and continued several reforms targeting government revenue, taxation, debt management and public financial administration.
The 2026 budget also contains significant spending commitments.
In his budget speech, Tinubu said the government expected total revenue of N34.33 trillion and projected expenditure of N58.18 trillion. Debt servicing was put at N15.52 trillion, while capital expenditure was projected at N26.08 trillion.
The President said the figures reflected the government’s priorities and promised stronger fiscal management.
“We will continue to reduce waste, strengthen controls, and ensure that every naira borrowed or spent delivers measurable public value,” he said.
What do you think about this?
Drop your opinion in the comment section.
FOLLOW US & Share this with someone who needs to see this.