By Kamal Yalwa: Abuja, July 8, 2025 President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to prudent fiscal governance and transparent use of public funds, pledging to redirect national resources into critical sectors to restore public trust and drive inclusive development. Speaking through the Minister of State for Finance, Doris Uzoka-Anite, at the National Conference on Public Accounts and Fiscal Governance on Monday, Tinubu defended the controversial fuel subsidy removal, saying it has enabled the government to fund social safety nets, public transportation, and infrastructure. “A subsidy that disproportionately benefited the affluent and encouraged smuggling was neither equitable nor strategic,” the President said. “We are now redirecting those funds into impactful, people-oriented projects.” He also highlighted key reforms under his administration, including new tax laws designed to expand the tax base, simplify compliance, and enhance revenue collection through digitisation. “We are laying the foundation for a self-sustaining economy that gradually moves away from dependence on oil revenues,” Tinubu noted, citing initiatives like the National Credit Guarantee Company to empower SMEs and grow non-oil exports. On monetary policy, Tinubu praised the Central Bank of Nigeria’s (CBN) efforts in stabilising the naira and curbing inflation, stressing better coordination between fiscal and monetary authorities to remove structural bottlenecks, especially in the food supply chain. Lawmakers Demand Accountability, Slam Audit Gaps Senate President Godswill Akpabio, represented by Senator Abdul Ningi, called on public agencies to respect legislative oversight, warning that failure to honour audit queries and legislative summons was “an affront to democracy.” “PACs are not just committees; they are constitutional bodies empowered to summon any individual over the use of public funds,” he said. “Non-compliance must stop.” House Speaker Tajudeen Abbas, represented by House Leader Julius Ihonvbere, decried the over ₦300bn in unresolved audit infractions, revealing persistent non-compliance among MDAs. “Audit recommendations must be implemented with consequences for mismanagement,” he said, noting that fiscal responsibility cannot exist without enforcement. The Speaker also advocated for full digitisation of public financial management systems, including real-time expenditure tracking, automated audit tools, and wider public access to audit reports to boost transparency and citizen engagement. Public Accounts Committees Demand Reform Senate PAC Chairman, Senator Ahmed Wadada, stressed the need to “reimagine Nigeria’s fiscal framework” in response to declining revenues and rising public mistrust. “Every Naira must count—for education, health, infrastructure, and national stability,” Wadada said, citing poor budget implementation, untracked funds, and weak reporting systems. House PAC Chairman, Bamidele Salam, called for a “complete recalibration” of fiscal governance systems, adding that public service must align with constitutional obligations and measurable results. “Fiscal transparency must not remain an elite exercise—it must become a democratic right,” he said. The conference, themed “Fiscal Governance in Nigeria: Charting a New Course for Transparency and Sustainable Development,” brought together lawmakers, government officials, and audit experts to discuss Nigeria’s path toward financial integrity and institutional accountability. As fiscal reforms continue under the Renewed Hope Agenda, stakeholders agreed that achieving sustainable development would require not only policy reforms but also strict oversight, citizen participation, and measurable service delivery outcomes.
