By Paul Effiong, Abuja
Speaker of the House of Representatives, Tajudeen Abbas has raised alarm over Africa’s staggering fiscal leakages, disclosing that the black continent loses over $587 billion annually through corruption, illicit flows, as well as inefficiency.
Speaking while delivering a keynote address at the 8th African Network of Parliamentary Budget Offices, AN-PBO, Conference in Abuja, Speaker Abbas also advocated reforms on hard statistics, while tasking African parliaments to ugently embrace data and technology to ensure stronger oversight and stop the financial drain.
The speaker, while commending resource persons and the chairman of the group, advocated for stringent data-driven budget oversight.
According to him, “Corruption alone accounts for $148 billion lost annually, even as he described it as “a fiscal tragedy” that robs citizens of roads, hospitals, schools and jobs.
Abbas also drew attention to Nigeria’s domestic challenges, lamenting that the country loses approximately $18 billion about 3.8 percent of the Gross Domestic Product, GDP, yearly through procurement fraud and financial crimes.
He, however, pledged to intensify legoslative oversight hearings, as well as strengthen anti-corruption laws in order to hold ministries, departments and agencies accountable for every kobo spent.
Speaking on Africa’s economic trajectory, the speaker disclosed that World Bank data is projecting 3.5 percent growth for Sub-Saharan Africa in 2025, up from 3.3 percent in 2024, but warned that such modest growth is not enough to meet the needs of a rapidly growing population.
He noted that 12 million young Africans enter the labour market every year and only three million get formal jobs.
Speaker Abbas also cautioned that the continent’s demographic dividend could become a crisis if governments fails to deliver inclusive development urgently.
He equally reiterated that responsible borrowing remains a legitimate fiscal tool to provide transparent and growth-oriented infrastructure like power, transport, as well as agriculture.
“Our borrowing must build capacity, not create future debt traps,” he said.
Abbas expressed the commitment of the 10th House under his leadership to establish the National Assembly Budget and Research Office, NABRO, as a fully independent and non-partisan fiscal watchdog.
He also confirmed that the NABRO Bill, recently passed by the House in December 2023, is currently awaiting Senate concurrence, and promised that the office would rival the US Congressional Budget Office in analytical strength.
He called for a continent-wide data revolution, while challenging African parliaments to adopt AI and other digital tools to modernise fiscal oversight.
In her opening address, Head of the National Assembly Budget and Research Department, Ma’aruf Yakubu charged delegates at the conference to be liberal and open up during deliberations.
She disclosed that over 16 member states from West Africa are in attendance.
Earlier in his welcome address, the Chairman of AN-PBO, Dumisani Jantjies informed that the network was established to ensure transparent budgetary provision across West Africa.
He thanked Nigeria as the host country, urging delegates to feel free in making meaningful contributions.
