ABUJA, Nigeria — The Federal Government has announced plans to enforce the disclosure of audited financial statements by government agencies, in a move aimed at strengthening transparency, accountability and public confidence in the management of public resources.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this at the 56th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria (ICAN), held at the Bola Ahmed Tinubu International Conference Centre, Abuja.
Oyedele emphasised the need to make government financial reporting and policy announcements regular features of public administration, similar to the established practice of financial disclosure in the private sector. He also highlighted the importance of clear policy formulation and implementation processes, supported by effective stakeholder consultation.
The proposed enforcement comes amid growing calls for stronger public financial management systems and improved disclosure of how government institutions utilise public funds.
The conference, themed “Beyond Numbers: Strengthening the Economy, Securing the Nation,” brought together government officials, accounting professionals, policymakers and international representatives to discuss the role of the accountancy profession in strengthening Nigeria’s economy and institutions.
Speaking at the opening ceremony, ICAN President and Chairman of Council, Hajia Queensley Sofuratu Seghosime, called for stronger institutions built on public trust and policies capable of sustaining national development beyond political cycles, particularly as Nigeria approaches the 2027 general elections.
Seghosime stressed that the country’s progress should not be measured solely by economic growth figures but by the extent to which growth translates into productive employment, thriving businesses, stronger institutions and improved living standards.
She noted that Nigeria recorded economic growth of approximately 4.2 per cent in the first half of 2026, while cautioning that favourable economic indicators must be accompanied by tangible improvements in citizens’ welfare.
According to her, trust remains fundamental to economic development, particularly in public financial reporting, government accounts and the tax system. She urged chartered accountants to uphold professional integrity, identify irregularities and challenge questionable practices in the discharge of their responsibilities.
The ICAN president also observed that national security extends beyond the protection of lives and property to include food systems, energy supplies, digital infrastructure, livelihoods and credible institutions.
She maintained that sustainable development requires collective responsibility, with government strengthening the environment for growth, businesses investing responsibly, and institutions upholding accountability.
The opening ceremony was formally declared open by Dr Zacch Adelabu Adedeji, Executive Chairman of the Nigeria Revenue Service, who attended as the Special Guest of Honour.
Lagos State Governor Babajide Sanwo-Olu also underscored the importance of financial discipline, stressing that public expenditure must deliver measurable improvements in citizens’ lives. He cited infrastructure investments, including the Lagos Blue and Red Line rail networks, as examples of how disciplined financial management can support development.
The conference, which runs from October 18 to 23, 2026, has attracted about 12,000 registered delegates participating physically and virtually. Other dignitaries at the opening included the governors of Lagos and Edo states, the Ministers of Finance, Education and Power, members of the National Assembly, and representatives of international accounting bodies.
The Federal Government’s proposed enforcement of audited-account disclosure, alongside ICAN’s call for professional integrity and institutional accountability, places renewed emphasis on credible financial reporting as a cornerstone of public trust and sustainable national development.
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