The Federal Government has said that it will use the latest fiscal transparency report by the United States Department of State as an external benchmark to further strengthen ongoing reforms in public financial management.
This was stated by the Special Adviser to President Bola Tinubu on Media and Public Communications, Sunday Dare, in a statement on Thursday, while reacting to the report that evaluated Nigeria against the minimum fiscal transparency requirements of the US Department of State.
It was reports that Nigeria for the second consecutive year failed the minimum fiscal transparency requirements with the U.S Department of State saying the country made no significant progress in improving its financial management and opening up its public finances in 2025.
The department evaluated 139 governments and the Palestinian Authority in its 2026 Fiscal Transparency Report released Tuesday, with just 73 meeting the minimum standards.
Of the 67 which did not, 14 were marked as making significant progress, while 53, including Nigeria, were marked as making no progress.
Responding to the feedback, Dare said the Federal Government noted the findings but urged that they be properly contextualized, stressing that the report should not be regarded as a comprehensive assessment of Nigeria’s fiscal governance.
The US Fiscal Transparency Report focused particularly on public disclosure of information about the national budget, government contracts and natural-resource licences, he said.
“It should therefore not be seen as a complete assessment of all fiscal and public financial management reforms that are currently ongoing in Nigeria,” Dare said.
He said the report itself admitted that Nigeria has made progress in making budget documents and debt obligations public.
However, he said the government acknowledged the issues raised in the areas of procurement disclosure, budget-execution reporting and audit processes.
“The issues raised, particularly in relation to procurement disclosure, budget-execution reporting and audit processes, are areas that the government takes seriously and where ongoing institutional reforms are intended to bring further improvements,” he said.
Government Emphasizes Transparency Initiatives
Dare said Nigeria had put in place several mechanisms to enhance fiscal transparency, including the Open Treasury initiative, public budget documentation, debt disclosures and reforms to public procurement.
He added that the Federal Government was also strengthening digital procurement and other systems to improve the accessibility, reliability and timeliness of public financial information.
The right response is not to reject the findings or present it as a total picture of Nigeria’s fiscal governance. Instead, the report offers an external benchmark that can be used to further strengthen existing reforms,” Dare said.
He said the administration of President Bola Tinubu was committed to improving the quality and timeliness of fiscal reporting, strengthening audit institutions and increasing access to procurement information.
Dare added that the government would continue to work to ensure that citizens, investors and other stakeholders had greater visibility into the management and utilization of public resources.
He said the ultimate goal was to establish a fiscal system that was transparent, accountable and credible.
“Ultimately the objective is the same: a more transparent, accountable and credible fiscal system that enhances public confidence, supports investment and ensures that public resources are managed efficiently and in the national interest,” he said.
