ICPC Boss Seeks Strict Parliamentary Oversight Over Revenue Generating Agencies

The Chairman, Independent Corrupt Practices and Other Related Offences Commission, ICPC, Dr Musa Aliyu
has warned that some government revenue-generating agencies treat public funds as personal income and must face stricter parliamentary oversight.

Dr. Aliyu who gave the warning in Abuja at the National Conference on Public Accounts and Fiscal Governance, said many agencies fail to remit revenues properly, contributing to budget shortfalls.

Represented by Director of Finance, Akporo Michael, Dr Aliyu backed recent reforms introduced by President Tinubu’s administration, including the new tax legislation aimed at raising Nigeria’s low tax-to-GDP ratio — currently at 7.8% — to between 18% and 20%.

“Some agencies behave as if the funds they collect belong to them. It’s time lawmakers hold them to account,” he said.

Dr Aliyu compared the Nigerian National Petroleum Company (NNPC) with its Saudi counterpart, Aramco. While Aramco made $106bn in profits in 2024, NNPC recorded only $2.4bn.

“Even if Aramco’s output is ten times that of Nigeria, our profits should at least be 10% of theirs,” he argued.

He also called for public sector salary reforms, the digitisation of financial systems to curb corruption, and the creation of special anti-corruption courts to speed up prosecutions.

“We’ve improved in global corruption rankings, but not nearly enough. Out of 140 countries, we still rank below 100. We must not be complacent.”

Meanwhile, the Governor of the Central Bank, Olayemi Cardoso, represented by a senior official, stressed that monetary and fiscal institutions must work together to achieve economic stability.

“Contrary to common perception, the Central Bank and fiscal authorities are not in competition. We are pursuing the same goals — economic growth, stability, and improved welfare,” he said.

The conference, jointly organised by the Public Accounts Committees of the Senate and House of Representatives, brings together key officials and experts to explore ways of strengthening public financial management in Nigeria.

Oduyemi Odumade,Edited By Grace Namiji