Economists support US assessment, fault Nigeria's fiscal transparency

This assessment follows the 2026 Fiscal Transparency Report by the US Department of State, which placed Nigeria among 67 governments that made no significant progress in addressing identified deficiencies. The report highlighted shortcomings such as the failure to publish the executive budget proposal in a timely manner, incomplete budget information, discrepancies between actual and enacted budgets, and a lack of independence in the supreme audit institution. While Nigeria was credited for making its enacted budget and end-of-year report accessible, publishing debt information, and having a legal framework for its sovereign wealth fund and natural resource contracts, it failed to make public procurement contract information accessible.

Experts like Professor Franklin Ngwu of Lagos Business School and Professor Akpan Ekpo of the University of Uyo emphasized that these issues could deter foreign investment and called for urgent reforms, including stronger budget implementation, independent auditing, and transparent procurement disclosures. The US assessment, mandated by American law, aims to promote public access to information on government finances, strengthen accountability, and encourage public participation in budgeting, noting that fiscal t