BudgIT has urged the Federal Government to address weaknesses identified in the United States Department of State’s 2026 Fiscal Transparency Report, warning against dismissing the assessment that rated Nigeria below the required standard for the second consecutive year.
The civic-tech organisation, which advocates transparency and accountability in public finance, said the report highlighted important gaps in Nigeria’s budget execution reporting, auditing and disclosure of public procurement information.
In a statement issued yesterday, BudgIT’s Country Director, Vahyala Kwaga, said the findings should prompt the government to strengthen the country’s fiscal transparency framework rather than dismiss the assessment.
The US report said Nigeria failed to meet minimum fiscal transparency requirements for the second consecutive year, citing weaknesses in the clarity of budget documents and limited public access to details of government contracts.
It, however, recognised Nigeria’s disclosure of public debt information and described the legal framework governing the Sovereign Wealth Fund as sound.
BudgIT said one of the major issues raised by the report was the inadequate disclosure of actual budget implementation.
According to the organisation, the publication of approved budget figures does not provide citizens with sufficient information about how public funds are ultimately collected and spent.
“While the Federal Government has continued to publish budget documents, the reporting of actual budget implementation remains inadequate,” it said.
The group added: “It is relatively easy to announce approved budget figures, but it is considerably more important to provide timely and consolidated information on actual revenue collection and expenditure.”
BudgIT noted that Nigeria adopted the International Public Sector Accounting Standards (IPSAS) in 2016, stressing that the principles of transparency and accountability should be reflected in the quality, completeness and timeliness of fiscal reports.
The assessment examined Nigeria’s fiscal transparency practices between January 1 and December 31, 2025. Nigeria was among 67 of the 140 governments and entities assessed that failed to meet the minimum requirements.
Although BudgIT acknowledged that the US report was not a comprehensive evaluation of all public financial management reforms in Nigeria, it maintained that the findings should not be disregarded.
The organisation said the assessment reinforced concerns about the credibility of budget implementation reports, the independence and effectiveness of Nigeria’s audit institutions and the availability of public procurement information.
It called on the Federal Government to strengthen fiscal disclosure and ensure that citizens have timely access to comprehensive information on revenue collection, expenditure, procurement and audit outcomes.
BudgIT said improved transparency in these areas would strengthen public confidence in government finances and enhance accountability in the management of public resources.
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