The Financial Reporting Council of Nigeria has expressed its dedication to enhancing transparency and accountability in the public sector through the newly developed Nigeria Public Sector Governance Code. During a stakeholder engagement and consultation forum in Abuja, FRC Executive Secretary/CEO, Rabiu Olowo, emphasized that the Code aims to tackle governance deficiencies, corruption, and inefficiencies in public institutions.
Olowo pointed out Nigeria’s ranking on Transparency International’s Corruption Perceptions Index and stressed the urgency for governance reforms. The draft Code is intended to guide Ministries, Departments, and Agencies by promoting best practices in areas such as board composition, financial management, sustainability, stakeholder engagement, diversity, and ethical conduct.
Describing the Code as essential for enhancing transparency, accountability, organizational culture, values, and ethical behavior in the public sector, Olowo highlighted the importance of establishing a culture of integrity and transparency to rebuild public trust in institutions. He also mentioned that implementing the Governance Code would enhance Nigeria’s credibility globally, attracting foreign investment and international funding for development projects.
Stakeholders were encouraged to participate actively in finalizing the document to ensure it addresses the realities and challenges faced by public sector organizations. Olowo emphasized the goal of creating a governance framework that promotes trust, accountability, and ethical behavior within public institutions, benefiting all Nigerians and contributing to a stronger economy.
The Technical Working Group, led by Danladi Kifasi, was credited with developing the draft document. Kifasi explained that the Code aligns with existing laws and frameworks, adding value by promoting ethical conduct and responsible leadership in public service. He noted that the Code complements existing laws without conflicting with them and aims to prevent conflicts of interest and promote integrity within government institutions.
The Code is a critical component of President Bola Tinubu’s Renewed Hope Agenda on Good Governance and Anti-Corruption, designed to enhance accountability and integrity within government bodies. It offers flexibility to accommodate the diverse needs of public sector entities while upholding the core values of good governance.
In the past, the Council proposed Corporate Governance Codes for private, public, and non-profit organizations, but the idea faced challenges and was not approved due to various issues.