The concerns were contained in the US Department of State’s 2026 Fiscal Transparency Report, published on Tuesday.
According to the report, although Nigeria made some key fiscal documents publicly available, they failed to provide a comprehensive picture of government revenues and spending, including sufficient details on expenditure by executive offices.
The US government also raised concerns about discrepancies between Nigeria’s approved budget and its actual implementation, noting that actual revenues and expenditures did not reasonably correspond with figures contained in the enacted budget.
“Actual revenues and expenditures did not reasonably correspond to those in the enacted budget. The government did not publish accessible information on public procurement contracts,” the report stated.
The report further criticised Nigeria’s supreme audit institution, saying it did not meet international standards for independence or publish substantive audit reports, despite having access to the government’s entire executed budget.
On public procurement, the US government said Nigeria continued to face transparency challenges, particularly regarding public access to information about government contracts.
However, the report acknowledged some areas of progress, including Nigeria’s publication of information on debt obligations, including significant debts owed by state-owned enterprises.
It also noted that Nigeria’s sovereign wealth fund has a sound legal framework and provides information about its funding and general approach to withdrawals.
The US government further acknowledged that Nigeria has established legal criteria and procedures for awarding natural resource extraction contracts and licences and generally follows existing regulations in practice.
To improve fiscal transparency, the report recommended that Nigeria make its executive budget proposal widely and easily accessible to the public, including through online platforms.
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