There is a familiar question that follows every government budget: Where exactly is the money going?
For the United States government, Nigeria still has not provided a convincing enough answer.
The US has criticised Nigeria over what it described as inadequate progress in fiscal transparency, raising fresh concerns about how clearly the Nigerian government accounts for public revenue, spending and procurement.
The assessment was contained in the US Department of State’s 2026 Fiscal Transparency Report, published on Tuesday.
And while the report acknowledged that Nigeria has made some progress in making financial information available to the public, its overall verdict was far less flattering: important pieces of the country’s financial story remain difficult for citizens to see and understand.
US: Nigeria’s Budget Does Not Tell The Full Story
According to the report, Nigeria publishes some key fiscal documents, but they do not provide enough detail about government revenues and expenditures.
In particular, the US government said Nigeria’s budget documents do not sufficiently break down spending by executive offices, making it difficult for members of the public to obtain a comprehensive picture of how government money is being raised and spent.
That problem becomes even more serious when the numbers approved on paper do not necessarily match what happens in practice.
The US report flagged discrepancies between Nigeria’s enacted budget and its actual implementation, arguing that government revenues and expenditures did not reasonably correspond with the figures contained in the approved budget.
In other words, the budget Nigerians are shown and the financial reality that follows it do not always appear to tell the same story.
The report stated:
“Actual revenues and expenditures did not reasonably correspond to those in the enacted budget.”
Procurement Records Also Under Scrutiny
The US government also raised concerns about Nigeria’s public procurement system.
For a country where billions of naira are routinely committed to roads, hospitals, security, infrastructure and other public projects, access to information about government contracts is a critical part of accountability.
But according to the report, Nigerians still face difficulties obtaining accessible information about public procurement contracts.
The US government said:
“The government did not publish accessible information on public procurement contracts.”
That criticism touches on one of the most persistent questions surrounding public spending: if taxpayers are funding a project, how easily can they find out who received the contract, how much was paid and what exactly was delivered?
Nigeria’s Audit System Also Criticised
The report did not stop at budgets and contracts.
The US government also criticised Nigeria’s supreme audit institution, saying it did not meet international standards for independence and failed to publish substantive reports despite having access to the country’s executed budget.
You May Like: Ronaldo, Georgina Rodriguez Say ‘I Do’ in Intimate Portugal Wedding
That raises another uncomfortable issue.
If public accounts are not sufficiently scrutinised by an independent institution — and the findings of that scrutiny are not readily available to the public — how effectively can citizens determine whether government spending is being properly managed?
But Washington Acknowledges Some Progress
The report was not entirely negative.
The US government acknowledged that Nigeria has made progress in certain areas of fiscal transparency.
For instance, the country has made information about its debt obligations publicly available, including significant debts associated with state-owned enterprises.
Nigeria’s sovereign wealth fund was also recognised for having a sound legal framework and for disclosing information about its funding and general approach to withdrawals.
The report further noted that Nigeria had established legal criteria and procedures for awarding natural resource extraction contracts and licences and was following existing regulations in practice.
So, while Washington sees gaps in Nigeria’s financial transparency, it also recognises that some of the building blocks for a more transparent system are already in place.
What Does The US Want Nigeria To Do?
The US government has recommended that Nigeria take additional steps to make its budget process easier for ordinary citizens to understand and scrutinise.
One major recommendation is for the government to make its executive budget proposal widely and easily accessible to the public, including online.
It may sound like a simple demand, but its implications are significant.
A government budget is not merely a document for economists, lawmakers and civil servants. It is essentially a public statement of what government intends to do with taxpayers’ money.
The more difficult that information is to access, understand or verify, the harder it becomes for citizens to hold those in power accountable.
And that is ultimately where the US report leaves Nigeria with a difficult question:
If Nigerians cannot clearly see where government money comes from, where it goes and how the final spending compares with what was originally approved, how can they confidently judge whether public funds are being properly managed?
For a country constantly searching for more revenue, taking on more debt and demanding greater sacrifice from its citizens, that question is unlikely to disappear anytime soon.