US Report Vindicates Atiku on Fiscal Transparency

The report raised concerns over the Federal Government’s disclosure of revenues and expenditures, noting shortcomings in the publication and presentation of key budget information.

The Presidential candidate of the African Democratic Congress (ADC) and former Vice President, Atiku Abubakar, has said a recent report by the United States Department of State vindicates his longstanding concerns over fiscal transparency under the administration of President Bola Tinubu.

The report raised concerns over the Federal Government’s disclosure of revenues and expenditures, noting shortcomings in the publication and presentation of key budget information.

According to the report, although the government made its enacted budget and end-of-year report widely accessible, including online, it “did not publish its executive budget proposal within a reasonable period.”

It further noted that Nigeria’s budget documents did not provide a substantially complete picture of government revenues and expenditures or adequately break down spending on executive offices.

The report also highlighted discrepancies between the approved budget and actual government revenues and expenditures, stating that “actual revenues and expenditures did not reasonably correspond to those in the enacted budget.”

Atiku has repeatedly criticised the Tinubu administration over what he described as inadequate fiscal disclosure, arguing that Nigerians have a right to know how public resources are generated, allocated and spent.

The US report also raised concerns about the independence of Nigeria’s Office of the Auditor-General, stating that it did not meet international standards of independence and had failed to publish substantive reports.

According to the report, the Nigerian government did not meet the minimum requirements for fiscal transparency during the period under review, particularly in providing timely, detailed and publicly accessible information on government revenues and expenditures.

Reacting to the findings, Atiku said the report had confirmed concerns he had raised over the years about the management of public resources.

“This report confirms what we have been saying: Nigerians deserve to know where every kobo is coming from and where it is being spent. They are our resources and not the resources of President Bola Tinubu and his family and friends,” Atiku said.

He maintained that fiscal transparency was essential to attracting investment, combating corruption and restoring public confidence in government.

“Transparency is not a slogan. It is the foundation of good governance,” he said.

The former Vice President also stressed that detailed and timely disclosure of revenues from oil, taxes and borrowing, as well as expenditure records, was critical to restoring investor confidence amid Nigeria’s rising debt and inflation.

He noted that credible fiscal reporting remained an important benchmark for investors, donor agencies and credit-rating institutions, particularly as Nigeria continues to depend on foreign investment and multilateral support to finance infrastructure and social programmes.