The United States Government has criticised Nigeria’s fiscal management system, accusing the government of failing to provide adequate information on its revenues, expenditures and budget implementation.
The criticism was contained in the US Department of State’s 2026 Fiscal Transparency Report released on Tuesday.
According to the report, Nigeria has not made significant progress in improving fiscal transparency, despite making some key government documents available to the public.
The report stated that Nigeria’s budget documents did not provide a complete picture of government income and spending, adding that expenditure details for executive offices were not sufficiently broken down.
It also raised concerns over differences between Nigeria’s approved budget and actual implementation, noting that government revenues and expenditures did not reasonably align with the enacted budget.
The US government further criticised Nigeria’s supreme audit institution, saying it failed to meet international standards of independence and did not publish substantial audit reports, despite having access to the country’s executed budget.
On public procurement, the report said Nigeria continued to face transparency challenges, particularly in providing public access to information on government contracts.
“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,” the report stated.
However, the report acknowledged areas where Nigeria had recorded progress, including the disclosure of debt obligations, such as major debts owed by state-owned enterprises.
It also noted that Nigeria’s sovereign wealth fund operates under a sound legal framework and provides information on its funding structure and withdrawal procedures.
The US government further recognised that Nigeria had established legal procedures for awarding natural resource extraction contracts and licences and generally followed existing regulations.
To improve transparency, the report recommended that the Nigerian government make its executive budget proposals more accessible to citizens, including through online platforms.
Samuel Agada is a writer and media contributor from Olamaboro Local Government Area of Kogi State, Nigeria. He is a graduate of Biochemistry from the University of Jos and a former banker with GTBank and FCMB. A prolific writer, songwriter, educator, and Gospel preacher, he is passionate about informing, inspiring, and impacting society through his work.