The Financial Reporting Council (FRC) of Nigeria has introduced the Nigerian Public Sector Governance Code to promote transparency and accountability in managing public funds.
Speaking in Abuja, the Executive Secretary (ES) of FRC, Dr. Rabiu Olowo, emphasized that the new code aims to curb financial mismanagement and foster good governance. He noted that a draft of the code has been released for stakeholders’ input.
Olowo highlighted that the code would facilitate collaboration between government agencies, the private sector, and development partners in executing large-scale projects. He added that it would strengthen individual organizations and contribute to the overall stability of the public sector.
Addressing Nigeria’s ranking in Transparency International’s Corruption Perception Index—where the country placed 154th out of 180 nations with a score of 24/100 in 2021—Olowo stressed that corruption remains a major challenge. He underscored the need for government institutions to operate with integrity, following global best practices.
“The draft code sets guidelines for board composition, financial management, sustainability, stakeholder engagement, diversity, equality, and non-discrimination,” Olowo stated. “These elements are essential in rebuilding public trust, which has been eroded by corruption and mismanagement.”
He expressed optimism that implementing the code would enhance public confidence, attract both local and international funding, and drive sustainable development. “A stronger and more credible public sector will contribute to a resilient and inclusive economy that benefits all citizens,” he added.
Chairman of the Technical Working Group (TWG) on the code, Danladi Kifasi, linked the initiative to President Tinubu’s Renewed Hope agenda on good governance and anti-corruption. He explained that the code serves as a guiding framework to improve accountability, transparency, and integrity while preventing conflicts of interest.
“The code is not an instructional book but a guide for ethical governance in the public sector,” Kifasi stated. “If widely adopted, it could reduce the need for anti-corruption agencies to police public institutions.”
Deputy Chairman of TWG, Muhammed Ahmad, noted that the code is built on principles of inclusiveness, sustainable development, and ethical public service. He confirmed that it would apply to all ministries, departments, agencies, state-owned entities, and parastatals, ensuring efficiency and transparency in service delivery.
