Nigeria has been rated poorly in transparency, accountability, oversight and public participation in debt management, according to findings from the 2025 Open Budget Survey.
The report, which assessed publicly available data between January 1, 2023 and December 31, 2024, identified major gaps in the country’s debt accountability framework despite the existence of legal and institutional structures.
The survey, conducted by the International Budget Partnership, found that Nigeria’s systems for managing public debt are not sufficiently clear, consistent or accessible to citizens and stakeholders.
Speaking at a presentation of the report in Abuja, the Country Director of the organisation, Olayinka Babalola, said weak public participation and limited transparency were fuelling distrust in government borrowing.
She noted that citizens, civil society groups and the media have little or no structured opportunity to engage authorities on borrowing plans, debt levels and fiscal decisions before they are finalised.
“Public debt is no longer just a technical issue for economists or government officials. It affects service delivery, trust in institutions and citizens’ understanding of how borrowing impacts their lives,” she said.
According to her, while Nigeria has formal frameworks governing debt management, including roles for the legislature and the Auditor-General, implementation remains weak.
Babalola added that debt information is often fragmented and not presented in a single, accessible format that allows citizens or analysts to track borrowing, terms and intended use.
She further observed that oversight by the National Assembly exists in law but is less evident in practice, with limited public evidence of detailed legislative scrutiny of debt strategies during the budget process.
The report highlighted four critical areas of concern — legal and institutional framework, debt transparency, debt oversight and public participation — noting that none currently function effectively enough to ensure full accountability.
Also speaking, the Senior Programme Coordinator, Strategy and Policy at IBP, Onyekachi Chukwu, stressed that the real challenge goes beyond the volume of borrowing.
“The real issue is whether borrowing decisions are governed in ways that are transparent, accountable and aligned with public interest,” he said, adding that while borrowing is inevitable for most countries, it must be done responsibly.
The IBP urged the Federal Government to prioritise reforms that would improve disclosure of debt information, strengthen oversight mechanisms and create inclusive platforms for citizen engagement.
It warned that failure to address these gaps could further erode public trust and weaken confidence in fiscal governance.
The Open Budget Survey is regarded as the world’s leading independent assessment of transparency, oversight and public participation in national budgeting systems.
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