The Financial Reporting Council (FRC) of Nigeria has launched the Nigerian Public Sector Governance Code, a new initiative aimed at tackling corruption and ensuring greater transparency in the management of public funds.
Speaking at a stakeholder event in Abuja, FRC’s Executive Secretary, Dr. Rabiu Olowo, emphasized that the code will promote good governance and accountability among government agencies. The draft has already been shared for stakeholder input before full implementation.
Bridging the Trust Gap
Nigeria has long struggled with public sector corruption, ranking 154th out of 180 countries on Transparency International’s Corruption Perception Index. Olowo acknowledged that the misuse of public funds has eroded trust in institutions, but he believes the new governance code could be a game-changer.
“This code provides clear guidelines on board composition, financial management, sustainability, stakeholder engagement, and ethical governance,” Olowo stated. “By adopting these best practices, public institutions can rebuild trust and attract both local and international funding to drive sustainable development.”
A Roadmap for Accountability
Chairman of the Technical Working Group, Danladi Kifasi, noted that the initiative aligns with President Tinubu’s Renewed Hope agenda, which prioritizes good governance and anti-corruption. He stressed that the code isn’t just another set of rules but a practical guide to enhancing accountability, integrity, and efficiency within government institutions.
“The public sector plays a crucial role in service delivery,” Kifasi said. “If we embrace this code, we won’t need law enforcement agencies constantly policing public institutions—ethics and good governance will become the norm.”
Deputy Chairman Muhammed Ahmad added that the code is built on principles of inclusiveness, sustainability, and ethical leadership, ensuring that government ministries, agencies, and parastatals function transparently and deliver real value to citizens.
What’s Next?
Once finalized, the governance code will apply to all government ministries, departments, state-owned entities, and parastatals, setting a new standard for how public sector organizations operate.
With corruption costing Nigeria billions annually, the big question remains: Will this governance code finally turn the tide on public sector mismanagement, or will it be just another policy gathering dust? Time will tell.
