Speaker of Nigeria’s House of Representatives, Rep. Abbas Tajudeen, has called on African parliaments to intensify fiscal oversight, block revenue leakages, and leverage technology in budget monitoring, warning that unchecked corruption and illicit financial flows are depriving the continent of much-needed development funds.
Speaking at the opening of the 8th African Network of Parliamentary Budget Offices (AN-PBO) Conference in Abuja on Monday, Abbas said Africa’s 1.4 billion people face a defining moment in achieving the African Union’s Agenda 2063, but success depends on aligning budgets with continental priorities.
He lamented that Africa loses over $587 billion annually to capital flight and illicit transactions, with Nigeria alone forfeiting about $18 billion each year to procurement fraud—equivalent to 3.8% of its GDP. “These are resources that should be building roads, modernising hospitals, and improving schools across the continent,” he said.
On Nigeria’s borrowing policy, Abbas clarified that contrary to recent reports, the House strongly backs President Bola Ahmed Tinubu’s debt strategy, provided the loans are directed toward infrastructure, growth, and social protection. He insisted that current borrowings are being invested in transformative projects such as power, transport, and agriculture—not squandered on consumption.
The Speaker also unveiled legislative reforms aimed at strengthening transparency. These include the creation of the National Assembly Budget and Research Office (NABRO), which he said would provide lawmakers with independent analysis comparable to, or even surpassing, the U.S. Congressional Budget Office. Other reforms target procurement laws, fiscal responsibility frameworks, and improved capacity for public accounts committees.
Abbas urged African legislatures to harness emerging technologies—artificial intelligence, blockchain, and digital platforms—to detect fraud and enhance accountability. He pointed out that AI can quickly analyze complex budget documents, preventing manipulation by government agencies.
He further advocated stronger cooperation among African parliaments, including data sharing, harmonised revenue forecasts, and joint actions against tax evasion. Accepting his new role as Patron of the AN-PBO Network, Abbas reaffirmed Nigeria’s commitment to regional partnerships in advancing fiscal reforms.
“Our shared pursuit of accountability will be tough but achievable through innovation, transparency, and collective resolve,” he concluded.
