Africa’s parliaments are facing mounting pressure to act decisively as the continent continues to lose an estimated $587 billion annually through corruption, illicit financial flows, capital flight, and inefficiencies in governance.
The staggering figure, equivalent to about ₦887 trillion, was highlighted at the opening of the 8th Conference of the African Network of Parliamentary Budget Offices (AN-PBOs), which convened on Monday in Abuja.
|
|
Delegates from 16 African countries, including Nigeria, Ghana, Kenya, Uganda, South Africa, Tanzania, and Mozambique, gathered to explore how stronger parliamentary oversight and independent budget institutions could help plug the leakages and safeguard public finances.
The Speaker of Nigeria’s House of Representatives, Abbas Tajudeen, set the tone for the deliberations, stressing that the continent’s economic future is at risk if parliaments fail to rise to the challenge of fiscal accountability.
|
|
|
|---|
“Corruption alone is estimated to drain about $148 billion from Africa annually, and other illicit financial flows (such as trade malpractices, smuggling, among others) siphon away additional tens of billions.
“This money should be used to build roads in Lagos, equip hospitals in Nairobi, or improve schools in Accra, but instead it vanishes,” he said.
Mr Tajudeen pointed out that Nigeria exemplifies both the scale of the problem and the urgency of reform.
Stay Ahead with Premium Times
Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting.
Add as a preferred source on Google
He revealed that in public procurement processes alone, the country loses an estimated $18 billion annually, roughly 3.8 per cent of its GDP to financial crimes and leakages.
“These leaks could fund numerous social programmes many times over,” he said.
The speaker argued that the solution is empowering parliaments with tools to properly scrutinise government finances.
He also stressed that oversight is vital to ensure that limited resources are used for the public good, noting that Nigeria has been increasing hearings, strengthening audit processes, and revising its fiscal laws to close loopholes.
The role of NABRO
A recurring theme at the Abuja conference was the need for Parliamentary Budget Offices (PBOs) as non-partisan watchdogs that can equip lawmakers with high-quality economic and fiscal data.
Mr Tajudeen explained that the National Assembly Budget and Research Office (NABRO), now in the pipeline, will play that role in Nigeria.
He assured participants that the National Assembly is fully committed to NABRO’s realisation, full funding, and independence.
According to him, NABRO is envisioned as Nigeria’s version of the U.S. Congressional Budget Office, providing lawmakers with evidence-based analysis to guide policy and ensure accountability.
READ ALSO: The global threat of Russia’s Alabuga recruitment in Africa
He further explained that NABRO is part of a broader reform agenda in Nigeria, which includes revising fiscal responsibility and finance laws to improve transparency, strengthening budgetary discipline across government ministries and agencies, and empowering Public Accounts Committees to decisively enforce audit findings.
These measures, he noted, will fortify Nigeria’s “power of the purse” and help redirect resources towards infrastructure, healthcare, and education.
A continental effort to stop the leakages
The Clerk to the National Assembly, Kamoru Ogunlana, described the conference as not just a dialogue but also a commitment to action.
“I encourage us all to use this conference not only as a platform for exchange, but as a springboard for innovation and renewed commitment to fiscal representability,” Mr Ogunlana said.
Representatives from countries including Gambia, Sierra Leone, Namibia, Zimbabwe, Liberia, Cape Verde, and others echoed the urgency of creating stronger institutions to stem corruption and inefficiencies that have long undermined Africa’s growth prospects.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
