The United States Government has criticised Nigeria’s fiscal transparency, saying the country still falls short in providing the public with clear and comprehensive information on government revenues, spending and budget implementation.
The concerns were contained in the US Department of State’s 2026 Fiscal Transparency Report, published on Tuesday, August 11.
The report acknowledged that Nigeria had made some important fiscal documents available to the public but said the information provided did not give a complete picture of government revenues and expenditures.
It also raised concerns about gaps between what was approved in Nigeria’s budget and what was eventually implemented, while noting that spending by executive offices was not adequately detailed.
The US government further criticised Nigeria’s supreme audit institution, saying it did not meet international standards for independence or publish substantive audit reports despite having access to the government’s entire executed budget.
Public procurement was another area of concern, with the report highlighting limited access to information about government contracts.
“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,” it stated.
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The report, however, identified some areas where Nigeria had made progress.
It noted that the government had made information on debt obligations publicly available, including significant debts owed by state-owned enterprises.
The report also said Nigeria’s sovereign wealth fund operated under a sound legal framework and disclosed information about its funding as well as its general approach to withdrawals.
On natural resources, the US government said Nigeria had established legal criteria and procedures for awarding extraction contracts and licences and generally followed the existing regulations in practice.
Despite these improvements, the report said Nigeria needed to do more to make its fiscal information accessible and understandable to citizens.
As part of its recommendations, the US government urged Nigeria to make its executive budget proposal widely and easily accessible to the public, particularly through online platforms.
The findings place renewed focus on the transparency of Nigeria’s public finances at a time when government borrowing, revenue generation and expenditure remain major issues in the country’s economic management.