Nigeria Needs Fiscal Independence, Says Budget Office DG

As Nigeria marked its 65th Independence anniversary, the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, declared that political independence alone is no longer sufficient, stressing that the nation must now pursue fiscal independence.

In his Independence Day message, Yakubu said Nigeria had for too long “lived on borrowed time, borrowed money, and borrowed excuses,” consuming what it did not produce and allowing leakages to drain national wealth.

He commended the reforms of President Bola Tinubu’s administration, such as the removal of fuel subsidy and exchange rate unification, describing them as painful but necessary sacrifices. “These reforms were not painless. But they were honest. They were necessary. They were the price of a nation choosing courage over comfort,” he said.

To safeguard current gains, Yakubu disclosed that the government is amending the Fiscal Responsibility Act to impose stricter limits on debt and borrowing. “Every loan must prove its worth in schools built, hospitals equipped, or roads paved. No more borrowing to waste. Only borrowing to build,” he stressed.

The DG also announced the creation of the National Accounts Payables and Receivables Authority (NAPRA) to enforce fiscal discipline and ensure government obligations are met, while correcting loopholes in the Petroleum Industry Act, which he described as a source of wasteful leakages.

Calling for an end to extravagance in governance, Yakubu urged Nigerians to see tax payment as a civic covenant, not a punishment, and challenged the elite to abandon monopolies and privilege for productive enterprise.

“Nigeria is not poor; Nigeria is poorly managed,” he said. “With fiscal discipline, Nigeria can be great. For in fiscal discipline lies greatness, and in greatness lies the true promise of independence.”