Nigeria still far from fiscal accountability, Reps insist, task Tinubu on fiscal reforms
The Chairman of Nigerian Exchange Group (NGX), Dr Umaru Kwairanga, had urged the Federal Government to address the problem of policy inconsistency to achieve the proposed $1 trillion economy for the country.
 
Kwairanga made the call in a chat with journalists in Lagos yesterday.
 
However, the Chairman, House of Representatives Committee on Public Accounts, Bamidele Salam, raised concerns over Nigeria’s slow progress in achieving fiscal accountability, calling for urgent reforms to close persistent gaps in public financial management.
 
He advocated structural reforms, consistent policies, and collaborative efforts from the public and private sectors to achieve the coveted $1 trillion economy by 2030.
 
“One recurring issue that may pose a serious threat to actualising the $1 trillion economy is policy somersaults by the government. When there is uncertainty about the direction of government policy, it makes planning towards such an ambitious target difficult. In this particular case, I strongly believe the President Bola Tinubu administration is serious and committed to the target, and this has been demonstrated by some very difficult decisions it has dared to take.

“However, it needs to go beyond that by setting up a structure that will directly be in charge of moving the country towards the 2030 target. Such a structure may need to be outside the slow and bureaucratic nature of the civil service and should include both public and private sector technocrats.”
 
Another challenge, according to him, is the value of the country’s currency. “It could be recalled that we were more than halfway to a trillion-dollar Gross Domestic Product (GDP) a few years ago, but recent devaluations have reduced the GDP in dollar terms by more than half.”

The NGX chairman expressed optimism on the improved value of the naira and the effects of measures taken to rescue the Nigerian economy.
 
Meanwhile, Salam urged greater accountability and timely audit practices ahead of the National Conference on Public Accounts and Fiscal Governance (NCPAFG), scheduled to be held from July 6 to 10, 2025.
 
During a briefing ahead of the conference, Salam stated that Nigeria had yet to align fully with the ideals of financial discipline and transparency expected in a democratic society.
  
According to him, although legal frameworks exist, enforcement remains weak due to delayed audits, poor institutional capacity, and a lack of swift, punitive actions.
 
He lamented the persistent inefficiencies, delays, and infractions within Nigeria’s public financial management architecture, stressing that unless urgent corrective steps were taken, Nigeria risks further erosion of public trust, fiscal instability and weakened democratic institutions.