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The Financial Reporting Council of Nigeria has reiterated its commitment to strengthening transparency and accountability in the public sector through the newly drafted Nigeria Public Sector Governance Code.
Speaking at a stakeholder engagement and consultation forum held on Tuesday in Abuja, FRC Executive Secretary/CEO, Rabiu Olowo, emphasised that the Code is designed to address governance failures, corruption, and inefficiencies in public institutions.
Olowo highlighted that Nigeria’s ranking of 154 out of 180 countries on Transparency International’s Corruption Perceptions Index in 2021 underscores the urgent need for governance reforms.
He stressed that the draft Code will serve as a guiding framework for Ministries, Departments, and Agencies by promoting best practices in board composition, financial management, sustainability, stakeholder engagement, diversity, and ethical conduct.
Describing the Code as a critical framework for deepening transparency, accountability, organisational culture, values, and ethical conduct within the public sector, Olowo stated:
“The public sector plays a crucial role in delivering social services and driving national development. However, issues of corruption and mismanagement have eroded public trust in institutions. The Governance Code will help establish a culture of accountability and transparency, ensuring that organisations operate with integrity and align with global best practices.”
Olowo further noted that adopting the Governance Code would boost Nigeria’s credibility on the global stage, attracting foreign investment and international funding for development projects.
He urged stakeholders to actively participate in finalising the document, emphasising that their input is vital to ensuring the Code reflects the realities and challenges faced by public sector organisations.
“As we look forward to the eventual release of the Code this year, our goal is to create a governance framework that fosters trust, accountability, and ethical conduct in our public institutions. This will ultimately contribute to a stronger, more resilient economy where the benefits of governance reforms extend to all Nigerians.”
Olowo noted that the Technical Working Group, led by Danladi Kifasi, a former Head of the Civil Service of the Federation, was responsible for developing the draft document.
“We believe in consultation and engagement. Today’s stakeholder engagement for the Nigerian Public Sector Governance Code is a critical step in deepening transparency, accountability, culture, values, and conduct within the public sector.
“The public sector is very important; it should instil a model of culture within Nigerian society. It should also set the standard for the private sector in leading and championing good governance.”
The Chairman of the Technical Working Group, Kifasi, stated that the
Code aligns with existing laws and frameworks without conflicting with them. Instead, it provides additional value by encouraging ethical behaviour and responsible leadership in public service.
“The Code is not an instruction manual; it is a guide that requires practical application. Professional bodies have codes of ethics, don’t they? The public service should have one too.
“It will not conflict with existing laws but rather complement them. If we all embrace it, we may not need law enforcement agencies like the EFCC or ICPC constantly policing our public service institutions.”
He added that the Code is a key component of President Bola Tinubu’s Renewed Hope Agenda on Good Governance and Anti-Corruption. The document aims to enhance accountability, prevent conflicts of interest, and instil integrity within government institutions.
Recognising the diverse nature of public sector entities, the Code provides flexibility to accommodate their unique needs and circumstances.
“Whether it is a Ministry, Department, Agency, or public corporation, the principles outlined in the Code can be adapted to suit various contexts while upholding the overarching values of good governance.”
It is worth recalling that between 2013 and 2016, the Council advocated for the creation of Corporate Governance Codes for the three identified sectors—private, public, and non-profit organisations. However, the proposal was not approved due to issues with certain clauses, insufficient stakeholder engagement, and a lack of buy-in or acceptance.
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