…says over N300bn public funds flagged by audit reports remain unrecovered
By Paul Effiong, Abuja
Speaker of the House of Representatives, Tajudeen Abbas has raised alarm over Nigeria’s unresolved fiscal infractions.
The speaker disclosed that over N300 billion public funds, according to audit reports, have remained unrecovered.
Abbas disclosed this on Monday in his opening remarks at a three-day 2025 National Conference on Public Account and Fiscal Governance with the theme, ‘Fiscal Governance in Nigeria: Charting a New Course for Transparency and Sustainable Development,’ held in Abuja.
Represented by the Majority Leader of the House, Julius Ihonbvere, Abbas called for prudent, effective and efficient management of public funds, especially within ministries, department and agencies of government.
The speaker expressed worry over the unremitted funds, describing the situation as unacceptable, even as he warned that fiscal responsibility cannot thrive where audit queries are routinely ignored without consequence.
“We have advocated the timely implementation of audit recommendations and increased collaboration with anti-corruption bodies to ensure that those found wanting are held to account,” he said.
He added that the 10th House had moved from passive review to active enforcement, stressing the importance of holding ministries, departments and agencies accountable.
Declaring the conference open, President Bola Tinubu disclosed how his administration is deploying funds saved from the removal of fuel subsidy to develop the country, maintaining that resources are being channeled into critical infrastructure, social safety nets that are targeted at economic reforms, as well as rebuilding public trust and promoting inclusive development
The president, represented by the Minister of State for Finance, Doris Uzoka-Anite, disclosed that the removal of subsidy, though painful, was necessary to free up the fiscal space and redirect national resources to sectors that benefit the broader population.
“In 2022 alone, Nigeria spent over N4 trillion on fuel subsidies, more than we allocated to capital expenditure. This was not only physically unsustainable, it was unjust. A subsidy that disproportionately benefited the affluent, encouraged smuggling and bred inefficiency was neither equitable nor strategic,” Tinubu noted.
Highlighting other key reforms of his administration, the president pointed out that the recently signed tax reform laws will simplify strict compliance, as well as expand the tax base collections and harmonise multiple taxes to ease doing business in Nigeria.
“These reforms are designed to widen the tax base by integrating the informal sector, simplify compliance for small and medium-sized enterprises, digitise revenue collection to reduce human interference, eliminate leakages and harmonise multiple taxes to make doing business easier in Nigeria,” he said.
In his address, the Senate President, Godswill Akpabio lamented the lack of responsiveness by some agencies and individuals to invitations from the legislature, describing it as an affront to democracy and the rule of law.
Chairman of the Senate Public Accounts Committee, SPAC, Senator Ahmed Wadada, called on public institutions and leadership across sectors to recommit to a new era of fiscal integrity and responsible governance.
Wadada described fiscal governance as “the moral backbone of public service,” asserting that it is the determining factor “whether government revenue becomes national prosperity or lost opportunity.”
In his welcome remarks, Chairman of the House Committee on Public Accounts Committee, PAC, Bamidele Salam called for a complete recalibration of Nigeria’s fiscal governance system, urging all public officials to move beyond lip service and ensure that public funds are truly used for the public good.
Salam stressed that the conference must go beyond discussions to deliver concrete and measurable outcomes that will impact the lives of citizens.
Participants also called for urgent actions to strengthen the audit implementation framework in the country.
Highpoint of the event was a technical and panel session chaired by the majority leader of the House.
