African Parliaments Unite to Tackle $587bn Annual Revenue Leakages …As Nigerian National Assembly pushes legislation on NABRO

Lawmakers from several African countries gathered in Abuja on Monday to strategize on curbing annual revenue leakages estimated at $587 billion, according to the African Development Bank (AfDB) report released in May this year.

At the forefront of this initiative, Nigeria’s National Assembly reaffirmed its commitment to establishing the National Assembly Budget and Research Office (NABRO) as an independent, non-partisan body designed to provide evidence-based budgeting, modeled after the U.S. Congressional Budget Office (CBO).

The issue of capital flight, equivalent to N887 trillion annually, was raised during the opening session of the 8th Conference of the African Network of Parliamentary Budget Offices, held at the Abuja Continental Hotel.

Delivering the keynote address, Speaker of the House of Representatives, Hon. Tajudeen Abbas, emphasized that the time is ripe for African parliaments to address fiscal and governance challenges through effective legislation.

He identified corruption, illicit financial flows, and inefficiencies as key drivers of revenue leakages, stressing the need for improved budget scrutiny.

“According to the African Development Bank, Africa loses over $587 billion annually to capital flight. This money, lost through corruption, illicit trade, mispricing, and profit-shifting by multinational corporations, should have been invested in infrastructure, healthcare, and education across the continent,” Abbas said.

He further explained that corruption alone drains an estimated $148 billion from Africa each year, while other financial malpractices siphon away billions more. He pointed to Nigeria as a striking example, noting that public procurement inefficiencies cost the nation around $18 billion annually, approximately 3.8% of its GDP.

“There is a need to halt such losses so that budgets deliver better outcomes for citizens,” he said, adding that the legislature is already strengthening oversight hearings, audit inquiries, and anti-corruption laws to safeguard public funds.

Abbas also highlighted institutional weaknesses, observing that many African parliaments lack independent analytical bodies to properly assess budgets and expenditures. He stressed that this gap underscores the importance of Parliamentary Budget Offices.

“In Nigeria, our most significant reform in this area is the creation of NABRO, which will function as an independent and well-funded office to strengthen the legislature’s capacity for evidence-based budgeting,” he said.

He assured participants that the National Assembly remains fully committed to NABRO’s independence, funding, and sustainability, while also pursuing broader fiscal reforms, including revisions to Fiscal Responsibility and finance laws and empowering Public Accounts Committees.

In his earlier remarks, the Clerk to the National Assembly, Barrister Kamoru Ogunlana, described the conference as a vital platform for peer learning and capacity building to institutionalize evidence-based public finance management.

“I encourage us all to use this gathering not only for exchange of ideas but also as a springboard for innovation and renewed commitment to fiscal responsibility,” Ogunlana said.

Representatives from 16 African countries attended the conference, including Nigeria, Ghana, Kenya, Uganda, South Africa, Tanzania, Namibia, Zimbabwe, Malawi, Mozambique, Liberia, Gambia, Sierra Leone, and Cape Verde.