The Public Accounts Committee (PAC) of the House of Representatives on Monday introduced the restoration of over N200 billion in misplaced income for the federal authorities within the final 12 months.
Chairman of the committee, Bamidele Salam, disclosed this on the opening of the eleventh Annual Convention and Normal Meeting of the West Africa Affiliation of Public Accounts Committees (WAAPAC), which Nigeria is internet hosting for the primary time for the reason that physique was established in 2009.
The five-day programme, holding from 8 to 12 September on the Nationwide Meeting Complicated, Abuja, is themed “Strengthening Parliamentary Oversight of Public Debt: The Position of Finance and Public Accounts Committees.”
Mr Salam described the restoration as proof of what legislative oversight can obtain when supported by institutional reforms and proactive engagement.
He famous that the recovered sum, estimated at $150 million, resulted from a collection of “pragmatic measures” adopted by the committee to strengthen fiscal compliance, enhance transparency, and improve effectivity in public monetary administration.
The restoration marks one of many committee’s most important achievements for the reason that nation’s return to democracy in 1999.
Mr Salam defined that the committee had additionally accomplished a number of studies that have been duly thought of and adopted by the Home.
He identified that in a uncommon prevalence, certainly one of its studies was rejected by the decrease chamber, the primary of such a case for the reason that restoration of democratic governance within the nation.
In line with him, this was not a setback however quite an affirmation of democracy in motion, exhibiting that parliamentary committees usually are not merely ceremonial however topic to scrutiny and debate.
One other milestone, Mr Salam stated, was the passage of the long-awaited Audit Invoice by the Home.
In line with him, the laws, if handed by the Senate and assented to by President Bola Tinubu, will lastly set up a authorized framework for Nigeria’s Supreme Audit Establishment, which has operated for many years with out one.
“We’re wanting ahead very earnestly to the passage of the Audit Invoice by the Senate, in order that this essential invoice may be transmitted to the president for assent and take away Nigeria from the listing of nations and not using a authorized framework for its supreme audit establishment,” he stated.
The committee, he added, has additionally taken steps to enhance transparency and public engagement, together with launching the WAAPAC Journal, which provides residents and improvement companions insights into committee actions, findings, and proposals.
He talked about that in July, the PAC convened Nigeria’s first nationwide convention on public engagement in oversight, bringing collectively parliamentarians, civil society teams, skilled our bodies, and technocrats to reimagine the framework for legislative scrutiny and construct institutional capability for fiscal self-discipline.
Mr Salam stated the theme of the convention couldn’t have come at a greater time, given the mounting debt disaster throughout Africa.
Past home achievements, the chairman stated Nigeria’s PAC has strengthened cross-border cooperation with sister parliaments in Ghana, Kenya, and Rwanda, whereas additionally internet hosting delegations from Uganda and Zimbabwe.
These exchanges, he defined, promote peer studying and assist entrench finest practices throughout the continent.
He argued that such regional collaboration, along with platforms like WAAPAC, is crucial for constructing sustainable public finance programs in West Africa.
“Entrenching a tradition of accountability, transparency, probity, and financial self-discipline within the administration of public funds isn’t just a nationwide crucial however a regional and worldwide necessity,” he stated.
Public debt at crucial level – Speaker Tajudeen
Speaker of the Home of Representatives, Abbas Tajudeen, represented by Home Chief Julius Ihonvbere, bolstered the significance of oversight, describing it as each a democratic responsibility and an ethical duty.
Mr Tajudeen warned that Africa’s debt trajectory has reached “a crucial level,” with governments spending extra on debt servicing than on healthcare and important companies.
He famous that by 2022, the continent’s public debt had risen to $1.8 trillion, with exterior debt alone surpassing $1 trillion in 2023.
“Our parliament should make sure that each borrowing resolution displays prudence, transparency, and the collective pursuits of our residents,” Mr Tajudeen stated.
The speaker introduced that Nigeria is ready to champion the institution of a West African Parliamentary Debt Oversight Framework below WAAPAC.
The framework, he stated, will harmonise debt reporting throughout international locations, create regional requirements for transparency, and empower parliaments with well timed knowledge for scrutinising borrowing practices.
Institutionalising accountability
Senate President Godswill Akpabio, represented by Osita Izunaso (APC, Imo West), confused that Nigeria’s 1999 Structure already gives a powerful basis for parliamentary scrutiny of public funds.
Citing sections 80, 85, and 88, he stated the structure empowers the Public Accounts Committee to look at audit studies, examine monetary irregularities, and maintain ministries, departments, and companies accountable for the way they spend public funds.
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“These committees embody the precept that public cash should be publicly accounted for. With out them, debt administration might simply drift,” Mr Akpabio stated.
He added that parliamentary oversight ensures that borrowing and spending align with improvement priorities and sustainable targets, quite than being misplaced to corruption or short-term consumption.
What WAAPAC represents
The West Africa Affiliation of Public Accounts Committees (WAAPAC) was established in 2009 as a regional platform that brings collectively Public Accounts Committees from nationwide parliaments throughout West Africa.
Its mission is to advertise peer studying, strengthen monetary oversight, and advance accountability within the administration of public sources.
WAAPAC gives alternatives for legislators to share experiences, evaluate one another’s practices, and develop regional requirements for parliamentary scrutiny of public expenditure.
Over time, it has advanced into an important framework for constructing belief amongst member states, fostering collaboration, and guaranteeing that fiscal governance throughout West Africa meets international requirements of transparency and probity.
The Abuja convention marks the primary time since WAAPAC’s founding that Nigeria is internet hosting its annual convention and Normal Meeting.
