BudgIT has urged the Federal Government to take the United States Department of State’s 2026 Fiscal Transparency Report seriously after Nigeria received a low rating for the second consecutive year.
In a statement by its Country Director, Vahyala Kwaga, the civic-tech organisation called on the government to address weaknesses in budget execution reporting, audit disclosures and public procurement transparency.
The US report said Nigeria failed to meet minimum fiscal transparency standards, citing vague budget documents and limited public access to contract information. It, however, acknowledged the government’s disclosure of public debt information and the sound legal framework governing the Sovereign Wealth Fund.
BudgIT said the findings should not be dismissed, particularly because of concerns over how actual budget implementation is reported.
“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 said.
The organisation noted that Nigeria adopted the International Public Sector Accounting Standards (IPSAS) in 2016, arguing that transparency and accountability should be reflected in the quality, timeliness and completeness of fiscal reports.
The assessment covered Nigeria’s fiscal transparency practices between January 1 and December 31, 2025, placing the country among 67 of the 140 governments and entities assessed that failed to meet the minimum requirements.
BudgIT stressed that although the report was not a complete assessment of all public financial management reforms in Nigeria, its findings highlighted areas requiring government attention.
The organisation said the report reinforced concerns about the credibility of budget implementation reports, the independence and effectiveness of Nigeria’s audit institution, and public access to procurement information.
Source: BudgIT
