Economy
Tinubu’s Fiscal Governance Reforms Seek to Rebuild Trust, Drive Growth
Tinubu’s fiscal governance reforms aim to restore public trust, promote transparency, and shift Nigeria’s economy towards inclusive and sustainable growth
Tinubu’s fiscal governance reforms were the central theme on Monday as President Bola Ahmed Tinubu reaffirmed his administration’s determination to restore public trust and reshape Nigeria’s economic future through transparency and responsible financial practices.
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Speaking at a national conference on public accounts and fiscal governance in Abuja, Tinubu, represented by Minister of State for Finance, Doris Uzoka-Anite, stated that his policies aim to drive inclusive development by tackling structural inefficiencies and redirecting national resources to critical sectors.
He defended the removal of fuel subsidy, describing it as a difficult but necessary decision.
“In 2022 alone, Nigeria spent over ₦4 trillion on fuel subsidies, more than our entire capital expenditure. It was unjust and fiscally unsustainable,” he said.
According to the President, funds saved from the subsidy removal have been channelled into infrastructure, public transport, and targeted interventions, all aligned with the broader Tinubu fiscal governance reforms.
The President also noted that the newly enacted tax laws would simplify compliance, expand the tax base, and eliminate leakages through digitisation.
These measures, he said, are designed to support small businesses and enhance national revenue without overburdening the informal sector.
“There is now better coordination between fiscal and monetary policies,” Tinubu added. “We are addressing inflation by removing bottlenecks in food supply chains and boosting domestic production.”
Senate President Godswill Akpabio, represented by Senator Abdul Ningi, charged the Public Accounts Committees of the National Assembly to strengthen their oversight functions, saying, “Without accountability, there will be no prosperity.”
In his remarks, Speaker of the House of Representatives Tajudeen Abbas, represented by House Leader Julius Ihonbvere, decried Nigeria’s unresolved fiscal infractions. He revealed that over ₦300 billion flagged in audit reports remains unrecovered.
“We are refining our processes and promoting real-time tracking to ensure compliance,” Abbas said. “Fiscal responsibility cannot thrive where there are no consequences for mismanagement.”
Chairman of the Senate Public Accounts Committee, Senator Ahmed Wadada, called for a renewed national commitment to financial integrity. He emphasised the importance of transparency, saying, “Public funds must be seen as a sacred trust.”
Wadada added that the Tinubu fiscal governance reforms must go beyond policy and translate into measurable outcomes for Nigerians, especially in education, healthcare, and infrastructure.
Hon Bamidele Salam, Chairman of the House PAC, echoed this sentiment, urging all public officials to move from rhetoric to results. “Making public funds work for public good must be more than a mantra,” he said.
Also read: Tinubu Backs INEC With New Abuja Complex To Boost Electoral Integrity
The conference, themed “Fiscal Governance in Nigeria: Charting a New Course for Transparency and Sustainable Development”, highlighted how these reforms are shaping a more accountable and inclusive economy.
Ogun State Healthcare infrastructure development is urged by a CSO calling for improved hospitals, roads and transparency in governance across the state
Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has declared that no economy can attain enduring prosperity without strong institutions and strategic collaboration between government and private capital.
Delivering a keynote on the theme “Legislative Leadership and the Role of Global Private Capital in Modern Economic Growth,” at the HOC Capital Club in Lekki on Saturday, May 16, Obasa told investors, policymakers, and diplomats that global private capital thrives only where laws are clear, governance is accountable, and policies are consistent.
He emphasized that legislative leadership is central to building such an environment, noting that the Assembly’s constitutional mandate — particularly its control over public funds and oversight powers — is designed to safeguard transparency and strengthen investor trust.
“All the money that comes into the treasury must be legislated upon by the House for transparency. The power of the purse is the most effective weapon for the people’s representatives to control government spending,” he said.
Speaker Obasa stressed further that credible institutions, rule of law, and regulatory predictability are essential to attracting quality investments. However, he noted that while attracting capital is vital, growth must deliver tangible social benefits including job creation, poverty reduction, and improved public services.
He went on to spotlight landmark laws under his stewardship that have reshaped the state’s investment climate, including the Public Procurement Law (2021), Public-Private Partnership Law (2011/2015), and the Electric Power Sector Reform Law (2024). He also pointed to property protection frameworks and the ₦4.44 trillion “Budget of Shared Prosperity” for 2026 — which allocates over 52% to capital expenditure — as deliberate pointers to Lagos’ readiness for global capital inflows.
He further highlighted initiatives such as the Sovereign Wealth Fund, harmonization of taxes, and the proposed Railways Corporation Bill (2025) as evidence of Lagos’ legislative foresight and long-term economic vision.
Speaker Obasa concluded by stressing that the future of growth will depend on the quality of leadership in public institutions and the confidence inspired in the global investment community.
“Together, we can unlock the full potential of Lagos, strengthen Africa’s economic future, and establish a new benchmark for economic and diplomatic engagement on the global stage,” he declared, leaving investors with a clear message: Lagos is ready to lead, and the world is invited to invest in its promise.
The HOC Capital Club in Lekki is an exclusive private capital and global advocacy network, designed for ultra-high-net-worth individuals (UHNWIs) with verified second citizenships and a minimum net worth of $2 million. It serves as a hub where wealth, influence, and policy intersect, connecting investors, policymakers, and global citizens across continents.
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