Speaker of the House of Representatives, Rep. Abbas Tajudeen, has called on African legislatures to tighten fiscal oversight, block revenue leakages, and embrace digital tools in budget analysis, warning that unchecked corruption and illicit financial flows are draining billions needed for the continent’s progress.
Speaking on Monday in Abuja at the 8th African Network of Parliamentary Budget Offices Conference, where he delivered the keynote address, Abbas said Africa’s 1.4 billion people face a “crucial crossroads” and must ensure government spending aligns with the African Union’s Agenda 2063.
He highlighted alarming figures, noting that Africa loses more than $587 billion each year through capital flight and illicit financial flows.
Nigeria, he added, forfeits around $18 billion annually to procurement-related fraud—about 3.8 percent of its GDP.
“These are funds that should be building roads in Lagos, equipping hospitals in Nairobi, or improving schools in Accra. Instead, they vanish,” Abbas lamented.
Turning to Nigeria’s debt profile, the Speaker defended the Tinubu administration’s borrowing plan, stressing that the House of Representatives remains firmly in support of loans used responsibly.
He dismissed contrary reports in the media as “inaccurate and misleading,” insisting that strategic borrowing is essential to drive infrastructure, growth, and social protection.
“Under President Tinubu’s leadership, borrowed funds are being channelled towards transformative projects in power, transport, and agriculture, not for consumption. The House stands firmly behind this vision,” he said.
Abbas also outlined reforms to promote accountability within Nigeria’s legislature, pointing to the newly established National Assembly Budget and Research Office, which will provide lawmakers with independent economic analysis and projections.
“NABRO will rival, and perhaps exceed, the U.S. Congressional Budget Office in credibility and capacity,” he assured, adding that the legislation has already passed the House and awaits Senate approval.
Other measures, he said, include stronger fiscal responsibility laws, more powers for Public Accounts Committees, procurement reforms, and capacity building for lawmakers in economic analysis.
He further encouraged African parliaments to integrate artificial intelligence, blockchain, and digital systems in oversight, citing successful models in Estonia and South Korea where technology has helped curb graft and improve transparency.
“In Nigeria’s National Assembly today, it is still common for MDAs to dump mountains of documents to confuse committees. AI can scan thousands of pages in minutes, flagging anomalies that would otherwise go unnoticed,” he observed.
Abbas underscored the need for continental cooperation through AN-PBO, urging harmonised forecasting methods, cross-border data sharing, and collective action against tax evasion and illicit financial flows.
“No country can achieve fiscal transparency in isolation. Stronger oversight in one African nation benefits the whole continent,” he said.
Formally opening the conference, Abbas accepted his role as Patron of the AN-PBO Network and pledged Nigeria’s full commitment to regional collaboration on fiscal reforms.
“Our pursuit of accountability and development will be challenging but possible through determined action and collective effort,” he concluded.
