The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has called on the National Assembly to intensify its oversight functions over revenue-generating agencies to curb mismanagement and improve Nigeria’s fiscal performance. ICPC Chairman, Dr. Musa Aliyu, represented by the Commission’s Director of Finance, Akporo Michael, made the appeal on Wednesday at the 2025 National Conference on Public Accounts and Fiscal Governance in Abuja.
Aliyu criticised some Ministries, Departments, and Agencies (MDAs) for treating public funds as personal income and failing to remit revenues to the federal treasury. He urged lawmakers to apply tougher legislative scrutiny to ensure that all collected revenues are transparently accounted for and remitted in accordance with the law. According to him, the lax approach to oversight has contributed significantly to Nigeria’s budgetary shortfalls and economic challenges.
The ICPC chairman commended President Bola Tinubu’s tax reform efforts, noting that for the first time, serious steps are being taken to raise Nigeria’s tax-to-GDP ratio from the current 7.8 percent to between 18 and 20 percent, aligning the country with other African nations like Kenya, South Africa, and Egypt. He stressed that raising tax revenue is essential to meet Nigeria’s development goals, citing the constant delays in budget implementation and contractor payments as evidence of systemic financial strain.
Aliyu expressed deep concern over the performance of the Nigerian National Petroleum Company Limited (NNPCL), comparing its reported 2024 net profit of $2.4 billion to Saudi Aramco’s $106.25 billion in the same year. Even accounting for production capacity differences, he said the disparity is too wide and demands urgent investigation, especially given the strategic role of NNPCL as a revenue-generating agency.
He also called for an overhaul of the public sector salary structure, which he described as unjust and demoralising. According to him, harmonising salaries would not only enhance morale but reflect fairness and economic reality. He further advocated for digitising all government revenue, payroll, and procurement systems to curb corruption and improve efficiency. Citing the success of the Integrated Payroll and Personnel Information System (IPPIS), Aliyu revealed that ICPC recovered ₦21 billion lost to salary fraud through a single investigation enabled by digital tracking.
The ICPC boss emphasised the need for a legally backed whistleblower protection framework to encourage citizens to report corruption without fear of retaliation. He warned that Nigeria’s survival depends on eliminating systemic corruption, stating, “We don’t have many options; either we kill corruption or corruption kills us.”
Speaking at the same event, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, stressed the importance of synergy between monetary and fiscal authorities to ensure macroeconomic stability. He clarified that both arms of government share the goal of economic growth, price stability, and improved welfare for Nigerians. Cardoso stated that since the current CBN leadership took office, the bank has implemented proactive measures to shield the economy from global shocks and maintain currency strength.
Both ICPC and CBN leaders agreed that aligning policies, strengthening oversight, and digitising governance processes are key to securing Nigeria’s financial future. The calls come at a time when the country is grappling with rising debt, inflation, and low investor confidence, making institutional transparency and accountability more critical than ever.
