The Financial Reporting Council (FRC) of Nigeria has introduced the Nigerian Public Sector Governance Code, aiming to institutionalize greater transparency and accountability in the administration of public funds. The initiative seeks to address corruption, mismanagement, and misuse of resources by government officials while promoting good governance.
Executive Secretary of the FRC, Dr. Rabiu Olowo, announced the development during a stakeholders’ meeting in Abuja on Tuesday. He explained that the draft code has been issued for input from stakeholders and is designed to enhance collaboration between government agencies, the private sector, and development partners on large-scale projects.
Olowo emphasized that the code would strengthen individual organizations and contribute to the overall stability and sustainability of Nigeria’s public sector. He cited the country’s low ranking on the Transparency International Index, where Nigeria was placed 154th out of 180 countries with a score of 24/100 in the 2021 Corruption Perception Index (CPI).
“Corruption remains the abuse of entrusted power and privileges for private gain, and this has proven to be pervasive and prevalent in Nigeria’s public sector,” Olowo stated. “The draft code will help ensure that government organizations operate with integrity and in line with best practices.”
The code establishes guidelines for board composition, financial management, sustainability practices, stakeholder engagement, diversity, equality, and non-discrimination. These measures are essential for building public trust, particularly in a country where corruption and mismanagement have historically undermined confidence in public institutions.
“It is hoped that the code, when implemented, will enhance public trust and attract more local and international funding, driving sustainable growth and development across various sectors,” Olowo added. “Ultimately, a stronger, more credible public sector will contribute to a more resilient and inclusive economy, where the benefits of development reach all corners of society.”
In his remarks, Danladi Kifasi, Chairman of the Technical Working Group (TWG) on the Nigerian Public Sector Governance Code, stated that the draft regulation aligns with President Bola Tinubu’s Renewed Hope agenda on good governance and anti-corruption.
“The objective is to enhance accountability, transparency, integrity, and prevent conflict of interest and corruption among public sector officers,” Kifasi said. “The code serves as a guiding framework, outlining principles and best practices for the governance of public sector organizations and public servants.”
He added that the code would improve service delivery in the public sector and reduce the need for external oversight agencies like the EFCC and ICPC.
Deputy Chairman of the TWG, Muhammed Ahmad, explained that the code is founded on principles of inclusiveness, sustainable development, and an integrated approach. It aims to ensure that Public Sector Entities (PSEs) fulfill their mandates, achieve intended outcomes for citizens, and operate in an effective, efficient, transparent, and ethical manner.
“The code will be applicable to all ministries, departments, agencies of government, state-owned entities, and parastatals,” Ahmad said.
The Nigerian Public Sector Governance Code represents a significant step toward combating corruption and fostering trust in public institutions, with the potential to drive sustainable development and economic growth across the nation.
