Tinubu promises to use technology to increase fiscal transparency

President Bola Tinubu, on Tuesday, committed to leveraging technology to bolster fiscal transparency and improve governmental efficiency.

According to him, this is a component of economic changes that are intended to increase social investment programs in all 36 states and the Federal Capital Territory, eliminate punitive subsidies, and stop leaky revenue.

Tinubu made this statement when he declared open the 54th annual accountants’ conference in Abuja, with the theme, ‘Governance Reimagined: Mapping the Future.’

The president, represented by the Minister of Budget and Economic Planning, Abubakar Bagudu, said, “We are committed to leveraging cutting-edge technologies to boost transparency and efficiency and cultivate strategic partnerships that pave the way for sustainable development.”

“Our collective vision for Nigeria’s future is anchored in strengthening our institutions and nurturing a pervasive culture of accountability.”

Tinubu announced that his ultimate vision for Nigeria’s future is based on strengthening its institutions and nurturing a pervasive culture of accountability.

“Our reforms include removing punitive subsidies from the economy. Revenue bleeding has reduced, and the three tiers of government are receiving higher allocations, which enable more support for vulnerable populations.

“Social investment spending is increasing, the minimum wage has risen, student loans are available, and interventions to support NANO, MSMEs, farming, fishing, and the livestock sector have increased,” he said.

According to the President, the conference theme captures the aspirations of his government and marks a significant milestone in its journey towards refining governance and fortifying accountability nationwide.

Tinubu justified his economic reforms over the last 17 months, saying they were intentionally engineered to propel the nation forward.

“The necessary choices, pleasant and otherwise, we made in the last 17 months were designed to stop the decline and put us on a path to higher, sustainable, and inclusive growth.

“It is encouraging that GDP growth for the first and second quarters of 2024 was positive while inflation turned downwards.

“The foreign exchange market is stabilising, and we see encouraging investment signals,” he said.

The President argued that his administration must, therefore, continue with innovative reform measures such as digitisation of revenue collection and government services, a consumer credit system to boost manufacturing and enable access to goods and services, mortgage system reform to provide wider opportunities for home ownership, CNG penetration to offer cheaper and alternative energy sources, and an agricultural development fund to further de-risk agricultural investments.

“Our reforms include removing punitive subsidies from the economy. Revenue bleeding has reduced, and the three tiers of government are receiving higher allocations, which enable more support for vulnerable populations.

“Social investment spending is increasing, the minimum wage has risen, student loans are available, and interventions to support NANO, MSMEs, farming, fishing, and the livestock sector have increased,” he continued.

The President reminded the accountants seated at the conference about their role in the grand nation-building scheme.

He said, “As we convene in this esteemed assembly, I would like to pose a question: How can we, as stewards of governance and accountability, harness our collective expertise to foster a more transparent, efficient, and equitable society?

“Your role as accountants in cultivating transparency, upholding integrity, and managing our nation’s resources adeptly is indispensable.

“Your expertise does not merely shape our economic landscape—it fortifies the foundation of trust upon which our societal progress is built.”

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