Speaker of the House of Representatives, Tajudeen Abbas, has called on African parliaments to strengthen oversight of public finances, plug financial leakages, and embrace technology in budget monitoring to fight corruption and illicit financial flows.
Speaking at the 8th African Network of Parliamentary Budget Offices (AN-PBO) Conference in Abuja, Abbas warned that over $587 billion is lost annually across Africa due to capital flight and illicit flows. He said Nigeria alone loses $18 billion yearly around 3.8% of its GDP mostly through procurement fraud.
“These are funds that should be used for development roads in Lagos, hospitals in Nairobi, or schools in Accra. Instead, they vanish,” he lamented.
Abbas also defended President Bola Tinubu’s borrowing strategy, stating that contrary to media reports, the House fully supports responsible borrowing aimed at infrastructure and economic growth, not consumption.
He highlighted legislative reforms including the creation of the National Assembly Budget and Research Office (NABRO) to provide independent economic analysis, and vowed that it could rival the U.S. Congressional Budget Office in capacity and credibility.
Further proposed reforms include stronger procurement laws, empowering public accounts committees, and training lawmakers in financial oversight.
He emphasized the importance of using AI, blockchain, and digital tools in budget analysis, citing how countries like Estonia and South Korea have used tech to reduce corruption and boost transparency.
Abbas stressed that fiscal transparency requires regional cooperation, urging African parliaments to share data and develop unified tools for revenue forecasting and tax tracking.
He was officially named Patron of the AN-PBO Network, pledging Nigeria’s continued support for collaborative fiscal reform across the continent.
“Our journey toward accountability and development is tough but achievable through unity and action,” he concluded.
