The Open Budget Survey (OBS), an independent tool that measures budget transparency worldwide, has ranked Nigeria 92nd among 125 nations, stating that the West African country still withholds vital details and reviews from its citizens.

Nigeria scored 31 out of 100 in the transparency assessment based on the “online availability, timeliness, and comprehensiveness of eight key budget documents using 109 equally weighted indicators.”

Thirty-one was a below-par score, given that OBS said 61 points indicate that a country was likely providing enough informative material to keep the public informed about the content of the annual budget.

According to OBS, Nigeria was falling well short of expectations in terms of the executive budget proposal’s comprehensiveness, which is a report that outlines and details the “sources of revenue, allocations to ministries” and other data that will help citizens understand the nation’s fiscal status.

The survey provided four recommendations that, if implemented, could improve Nigeria’s rankings.

First, in accordance with international standards, the auditor-general was requested to audit the federation’s accounts and report findings to the National Assembly no later than 180 days following the conclusion of the fiscal year. 

The report noted that Nigeria published its 2020 audit report in January 2024.

In-year reports, mid-year reviews and audit reports should be published online in a timely manner. The ministry of finance, budget and national budget planning was asked to publish mid-year reviews three months after the end of the fiscal year.  

The survey also recommended that the government’s financial and non-financial assets be published and that an analysis be conducted on the impact of “macroeconomic assumptions on expenditure, revenue, and debt estimates.”

“Government budget decisions – what taxes to levy, what services to provide, and how much debt to take on – have important consequences for all people in society,” said the International Budget Partnership. 

It added, “When governments provide information and meaningful channels for the public to engage in these decisions, we can better ensure public money is spent on public interests.”

However, the report stated that the “legislature and supreme audit institution in Nigeria, together, provide adequate oversight during the budget process, with a composite oversight score of 61 (out of 100).”

Since the National Assembly provides “adequate oversight during the planning stage of the budget cycle and weak oversight during the implementation stage,” the OBS recommended that legislative committees examine the executive’s budget proposal and publish reports with their analysis online, examine in-year budget implementation and publish reports with their findings online, ensure the legislature is consulted before the executive spends any unanticipated revenue or reduces spending due to revenue shortfalls and examine the audit report and publish a report with their findings online.

To strengthen independence and improve audit oversight by the Office of the Auditor-General for the Federation, the report highlighted the need for adequate funding for the OAGF to perform its duties, as determined by an independent body (such as the legislature or judiciary) and ensure an independent agency reviews audit processes.