The Federal Government has said 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.
The Special Adviser to President Bola Tinubu on Media and Public Communications, Sunday Dare, said this in a statement on Thursday while responding to the report, which assessed Nigeria against the US Department of State’s minimum fiscal transparency requirements.
It was reported that Nigeria failed the minimum fiscal transparency requirements for the second consecutive year, 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.
In its 2026 Fiscal Transparency Report released Tuesday, the department assessed 139 governments and the Palestinian Authority, with only 73 meeting the minimum standards.
Of the 67 that did not, 14 made significant progress, while 53, including Nigeria, were marked as making no progress.
Reacting to the feedback, Dare said the Federal Government noted the findings but urged that they be properly contextualised, stressing that the report should not be regarded as a comprehensive assessment of Nigeria’s fiscal governance.
He said the US Fiscal Transparency Report focused particularly on the public disclosure of national budget information, government contracts and natural-resource licences.
“It should therefore not be interpreted as a comprehensive assessment of all fiscal and public financial management reforms currently underway in Nigeria,” Dare said.
According to him, the report itself acknowledged progress made by Nigeria in making budget documents and debt obligations publicly available.
He, however, said the government recognised the concerns raised in the areas of procurement disclosure, budget-execution reporting and audit processes.
“The issues identified, particularly around procurement disclosure, budget-execution reporting and audit processes, are areas that the government takes seriously and where ongoing institutional reforms are intended to produce further improvements,” he said.
Government Highlights Transparency Initiatives
Dare said Nigeria had established several mechanisms to promote 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 aimed at improving the accessibility, reliability and timeliness of public financial information.
“The appropriate response, therefore, is neither to dismiss the findings nor to portray them as a complete characterization of Nigeria’s fiscal governance. Rather, the report provides an external benchmark against which existing reforms can be further strengthened,” Dare said.
He said the administration of President Bola Tinubu remained committed to improving the quality and timeliness of fiscal reporting, strengthening audit institutions and expanding access to procurement information.
Dare added that the government would continue working to ensure that citizens, investors and other stakeholders had greater visibility into the management and utilisation of public resources.
He said the ultimate objective was to build a fiscal system that was transparent, accountable and credible.
“The objective is ultimately the same: a more transparent, accountable and credible fiscal system that strengthens public confidence, supports investment and ensures that public resources are managed efficiently and in the national interest,” he said.
