Nigeria Government lacks fiscal honesty, fails to properly disclose revenues, expenditures -US
The United States Government stated on Tuesday that the Nigerian government is not making significant progress in fiscal transparency, as its budget documents did not provide sufficient information on the country's revenues and expenditures or adequately break down spending for executive offices. This information is contained in the US Department of State's 2026 Fiscal Transparency Report. The report noted that "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 also raised concerns over discrepancies between Nigeria's approved budget and its actual implementation. It condemned Nigeria's supreme audit institution for not meeting international standards of independence or publishing substantive reports. However, the report acknowledged that Nigeria had made information on debt obligations, including major state-owned enterprise debt, publicly available. Nigeria's sovereign wealth fund was noted to have a sound legal framework and disclosed information about its funding and general approach to withdrawals. The Nigerian government has established legal criteria and procedures for awarding natural resource extraction contracts and licences and followed existing regulations in practice.
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The United States Government has raised concerns regarding Nigeria's fiscal transparency, citing insufficient disclosure of revenues and
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