A leading governorship aspirant in Oyo People’s Democratic Party (PDP ) Bimbo Adekanmbi, has called for urgent reforms in Nigeria’s public finance system, stressing that restoring citizens’ confidence in fiscal governance depends largely on transparency, disciplined budget execution, and 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 Faculty of Financial Management Studies of The Polytechnic, Ibadan”s Distinguished Public Lecture Series on April 29.
In his address, Bimbo Adekanmbi, the PDP governorship leading aspirant, described public finance as more than numerical figures, noting that it reflects government priorities and its 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 plagued by structural and governance bottlenecks, including unrealistic revenue projections, late 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 the government and citizens.
Adekanmbi further explained that a budget should serve as a forecast, a plan, and a binding promise to citizens, warning that when governments fail to implement approved budgets, they undermine their own 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 existing challenges, the former commissioner proposed a six-point reform agenda, which includes institutionalising 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.
Highlighting lessons from global and local reforms, Adekanmbi referenced the World Bank-supported State Fiscal Transparency, Accountability and Sustainability (SFTAS) programme, noting that it significantly improved budget transparency across Nigerian states, increased 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 prioritised fiscal discipline, revenue diversification, and transparency. He noted that internally generated revenue rose 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 boost investor confidence.
The former commissioner stressed that citizens also have a critical role to play 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, emphasising that every public fund represents a promise that must be honoured 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.
