Nigeria's chance to reform audit laws: Tinubu urged to assent to Federal Audit Service Bill

President Bola Tinubu now has a significant opportunity to complete one of the most vital unfinished reforms of Nigeria's Fourth Republic. Assenting to the Federal Audit Service Bill would bolster the final stages of public finance management, curb revenue leakages, and enhance the efficiency of public spending. It also promises to boost investor confidence and give genuine power to Nigeria’s anti-corruption framework. The bill seeks to align Nigeria’s audit system with global standards, addressing a legal void that has persisted for seven decades. This effort to modernize audit law has faced repeated setbacks since 1999, with previous bills being denied presidential assent under Presidents Olusegun Obasanjo, Goodluck Jonathan, and Muhammadu Buhari. Olusegun Elemo, executive director of Paradigm Leadership Support Initiative, a leading voice in audit reforms, expressed frustration over Nigeria potentially missing another chance to update its audit legislation. He and others believe the bill warrants greater public attention, emphasizing its critical role in Nigeria's state development. The nation's struggle to provide for its citizens is closely linked to its inability to account for appropriated funds. A state that excels at appropriation but falters in accountability cannot effectively transform the country. Furthermore, effective auditing is fundamental to government legitimacy, public trust, and support for democracy. An Afrobarometer report indicates that approximately 70 percent of Nigerians are dissatisfied with the current state of the nation's democracy. Strengthening accountability infrastructure, which enables the state to convert promises into tangible improvements in citizens' lives, could help bolster democratic legitimacy. Since Nigeria's return to democracy in 1999, its federal budget has ballooned from roughly ₦305 billion to over ₦68 trillion. Despite managing significantly greater public resources, the essential accountability mechanisms needed to translate these gains into citizen benefits have been neglected by successive administrations.