Former Vice President Atiku Abubakar has declared that a newly released United States Department of State report confirms his longstanding allegations that the Bola Tinubu-led administration is deliberately withholding crucial fiscal information from Nigerians.
The report, which assessed fiscal transparency standards across multiple nations, found that Nigeria’s federal government failed to meet minimum requirements during the review period. Specifically, it noted that while the government made its enacted budget and end-of-year report publicly accessible online, it failed to publish its executive budget proposal “within a reasonable period.”
More critically, the US report stated that budget documents “did not provide a substantially complete picture of the government’s revenues and expenditures, or break down expenditures to support executive offices in the budget.”
In a statement issued Wednesday by his media office, Atiku said the findings validate what he has repeatedly argued since President Tinubu assumed office.
“Transparency is not a slogan. It is the foundation of good governance,” the former presidential candidate of the African Democratic Congress (ADC) said.
“This report confirms what we have been saying — that Nigerians deserve to know where every kobo is coming from and where it is being spent. They are our resources and not the resources of President Bola Tinubu and his family and friends.”
The US assessment also highlighted a significant discrepancy between approved budgets and actual implementation, noting that “actual revenues and expenditures did not reasonably correspond to those in the enacted budget.”
Additionally, the report criticised the Office of the Auditor-General, stating it failed to meet international standards of independence and did not publish substantive audit reports.
Atiku, who served as Vice President from 1999 to 2007, has consistently called out the current administration for what he describes as a systemic failure to uphold basic standards of fiscal accountability. He maintains that without full disclosure of how public funds are generated and spent, Nigeria cannot attract investment, effectively combat corruption, or rebuild public trust in government institutions.
The former Vice President emphasised that fiscal transparency remains a critical benchmark for investors, multilateral donor agencies, and international credit rating firms — all of which Nigeria relies upon heavily amid rising debt obligations and persistent inflationary pressures.
“Publishing detailed, timely data on revenue from oil, taxes, and borrowing, and on how that money is spent, is critical to restoring confidence,” he said.
The US Department of State report specifically faulted the Tinubu government for failing to provide timely, detailed, and publicly accessible information on revenues and expenditures, while also noting the absence of credible audit trails.
Atiku’s intervention comes at a time of growing economic strain, with Nigeria’s public debt approaching record levels and the naira facing sustained pressure. Critics of the administration have long argued that opaque fiscal practices undermine policy credibility and hamper efforts to stabilise the economy.
The Tinubu government has yet to issue an official response to the US report or to Atiku’s statements.
Analysts say the findings could further complicate Nigeria’s standing with international financial institutions and potentially affect future borrowing costs, particularly as the government seeks external financing for infrastructure and social programmes.
Atiku reiterated that fiscal transparency should not be a partisan issue but a national imperative.
“This is not about politics. It is about ensuring that every Nigerian has the right to know how their resources are being managed,” his office said.
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