Oyo PDP Governorship Aspirant, Adekanmbi Advocates Transparency, Discipline in Public Finance Reform

Oyo PDP Governorship Aspirant, Adekanmbi Advocates Transparency, Discipline in Public Finance Reform

A leading governorship aspirant of the People’s Democratic Party (PDP) in Oyo State, Bimbo Adekanmbi, has called for urgent reforms in Nigeria’s public finance system, emphasizing that restoring citizens’ confidence in fiscal governance depends largely on transparency, disciplined budget execution, and strong institutional accountability.

Adekanmbi, a former Commissioner for Finance in Oyo State, made this assertion while delivering a lecture titled “Public Finance & Budgeting: Restoring Public Confidence — Removing Bottlenecks and Enhancing Trust in Public Finance” at the 2026 Distinguished Public Lecture Series of the Faculty of Financial Management Studies, The Polytechnic, Ibadan, on April 29.

In his address, Adekanmbi described public finance as more than just numbers, noting that it reflects government priorities and commitments to the people. He warned that persistent failures in budget implementation, weak transparency, and overlapping fiscal cycles have significantly eroded public trust in governance.

According to him, Nigeria’s fiscal environment is burdened by structural and governance bottlenecks, including unrealistic revenue projections, delayed budget passage, poor adherence to the Medium-Term Expenditure Framework (MTEF), and weak oversight of government-owned enterprises. He added that these shortcomings often result in abandoned projects, unpaid salaries, and poor service delivery, thereby widening the trust deficit between government and citizens.

Adekanmbi further explained that a budget should function as a forecast, a plan, and a binding promise to citizens, warning that failure to implement approved budgets undermines governmental legitimacy.

He identified five key pillars necessary for rebuilding confidence in fiscal governance: credible budgeting, transparent reporting, revenue integrity, expenditure discipline, and civic accountability.

To address these challenges, the former commissioner proposed a six-point reform agenda, including institutionalizing the budget cycle, aligning fiscal and calendar years, strengthening revenue systems, improving public communication of budgets, enforcing compliance among ministries and agencies, and deepening citizen engagement.

Drawing from global and local reforms, Adekanmbi referenced the World Bank-supported State Fiscal Transparency, Accountability and Sustainability Programme (SFTAS), noting that it significantly improved budget transparency across Nigerian states, boosted internally generated revenue, and reduced payroll fraud through biometric verification systems. However, he cautioned that transparency must translate into accountability and tangible fiscal outcomes.

Reflecting on his tenure in Oyo State, Adekanmbi said his administration prioritized fiscal discipline, revenue diversification, and transparency. He noted that internally generated revenue increased significantly during the period, while over 400 roads were rehabilitated under a structured capital budget framework.

He also highlighted key reforms such as publishing budgets and financial statements online, establishing a Budget Implementation Board, introducing payroll automation to reduce leakages, and securing independent financial reviews and credit ratings to enhance investor confidence.

The former commissioner stressed that citizens also have a critical role in ensuring accountability, urging them to actively participate in budget processes, monitor project implementation, and demand transparency from public officials.

“Public finance is a sacred trust,” Adekanmbi said, emphasizing that every public fund represents a promise that must be honored through responsible governance.

He concluded by urging policymakers to build systems that outlast political administrations, insisting that consistent discipline in execution and honest reporting remain the foundation for restoring public confidence in Nigeria’s fiscal system.