US report criticizes Nigeria’s fiscal transparency and budget disclosure practices

The United States Government has criticized Nigeria’s handling of fiscal transparency, stating that the country’s budget documents fail to adequately disclose revenues and expenditures or provide detailed breakdowns for executive offices.This was contained in the US Department of State’s 2026 Fiscal Transparency Report, released on Tuesday.According to the report, while Nigeria made some fiscal documents publicly available, they did not present a comprehensive picture of government finances. It highlighted discrepancies between approved budgets and actual implementation, raising concerns about accountability.The report also faulted Nigeria’s supreme audit institution, saying it lacked independence and failed to publish substantive reports despite having access to the executed budget. On procurement, it noted continued challenges with transparency and limited public access to government contract information.“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 stated.However, the US acknowledged some progress, including Nigeria’s disclosure of debt obligations, even for major state-owned enterprises and the establishment of a sound legal framework for its sovereign wealth fund. It also noted that Nigeria had set clear criteria for awarding natural resource extraction contracts and generally adhered to regulations.To improve fiscal transparency, the US recommended that Nigeria make its executive budget proposal widely accessible to the public, including online.

The United States Government has said that the Nigerian government is not making significant progress in fiscal transparency, stating that its budget documents did not provide sufficient information on the country’s revenues and expenditures or adequately break down spending for executive offices. This is contained in the US Department of State’s 2026 Fiscal Transparency Report, […] Nigerian Govt lacks fiscal honesty, fails to properly disclose revenues, expenditures – US