Tinubu fiscal reforms strategy gains momentum as leaders back transparency, subsidy removal, and revenue innovation amid calls for accountability

Tinubu fiscal reforms strategy continues to shape Nigeria’s financial landscape, with renewed emphasis on transparency and inclusive governance.

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President Bola Tinubu on Monday reaffirmed his administration’s commitment to allocating resources to key sectors. According to him, the goal is to rebuild public trust and foster national development.

The President, represented by Minister of State for Finance Doris Uzoka-Anite, addressed the National Conference on Public Accounts and Fiscal Governance.

He stressed that the recent removal of fuel subsidies was essential. “In 2022 alone, Nigeria spent over N4 trillion on fuel subsidies, more than we allocated to capital expenditure. This was unjust and unsustainable,” she said.

Tinubu’s government has since redirected those funds to strategic areas. Social safety nets have expanded, public transportation is being improved, and critical infrastructure projects are underway.

The administration claims these changes are strengthening the economy’s resilience against external shocks.

“For far too long, Nigeria’s economy has been burdened by structural inefficiencies, fiscal leakages, and an overreliance on oil revenues,” Tinubu said. He called for a forward-looking approach that focuses on reform and sustainability rather than dwelling on past challenges.

He also praised new tax laws that aim to widen the tax base and simplify processes. These laws will bring more small businesses and the informal sector into the tax net, improve digital compliance, and reduce leakages.

“These reforms will help integrate informal businesses, digitise collection, and harmonise taxes to ease business operations,” Tinubu noted.

He said the reforms reflect a governance imperative to move Nigeria away from oil dependency. Initiatives such as the National Credit Guarantee Company are designed to support small businesses, boost non-oil exports, and increase domestic production.

“These efforts go beyond numbers. They are creating jobs, building economic resilience, and supporting national stability,” Tinubu said.

On monetary policy, the President acknowledged efforts by the Central Bank to stabilise the naira and tackle inflation. Improved coordination between fiscal and monetary policies is driving structural solutions to bottlenecks, especially in food supply.

Tinubu called on the National Assembly’s Public Accounts Committees to carry out their constitutional oversight duties with independence and resolve. “Oversight is not a political tool. It is a patriotic duty,” he said.

Senate President Godswill Akpabio, represented by Senator Abdul Ningi, echoed this sentiment. He warned against increasing non-compliance with legislative summons.

“The Public Accounts Committees are constitutional watchdogs with the authority to summon anyone,” Akpabio reminded.

Speaker of the House Tajudeen Abbas, represented by Julius Ihonbvere, raised concerns over ₦300 billion in public funds flagged by audit reports but not recovered. “Fiscal responsibility cannot thrive without consequences for mismanagement,” Abbas stated.

He said the House is reforming PAC procedures, advocating for sanctions against non-compliant MDAs, and pushing for technology-driven audits. “We want real-time expenditure tracking and automated audits,” he added.

Senator Ahmed Wadada, Chairman of the Senate Public Accounts Committee, emphasised that public funds must be treated as a sacred trust. “We must ensure every Naira counts,” he said, lamenting weak oversight and financial mismanagement in past budgets.

House PAC Chair Bamidele Salam urged a complete overhaul of fiscal governance. He praised the Renewed Hope Agenda but said much work remains in budget integrity, audit capacity, and public engagement. “Public fund management must align with our constitutional mandate,” Salam declared.

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The conference ended with consensus that fiscal transparency must be standardised and citizen-driven. As the Tinubu fiscal reforms strategy unfolds, national institutions are being called to act with urgency, efficiency, and integrity.