Fiscal Transparency and National Development: A Theoretical Exposition of a Nigerian Imperative

The study reviewed theoretically the interface between fiscal transparency, which engenders public sector accountability, and national development. The need to contribute to the discourse on the negative impact of lack of transparency and accountability in the management of state funds among African nations occasioned this study. This is against the backdrop of the irony in the public pronouncements by our political leaders of their aspirations to develop their various countries, yet demonstrate unwilling to address the issue of lack of transparency and accountability in the management of public funds, which accounts for the level of monumental corruption. Fiscal transparency was understood to mean openness, integrity and therefore accountability in the management of state funds. The consensus of opinion from the study is that no nation can develop as expected without addressing the menace of corruption which erodes transparency and accountability. The ultimate impact of enshrining transparency and accountability in the management of public funds is enhancement in a nation's economic and social development. If Nigeria must develop, then transparency and accountability must be enshrined in the administration of public funds. Fiscal transparency and accountability is a Nigerian imperative for development. Development would continue to elude Nigeria until transparency and accountability becomes our way of life. National development strategies therefore must be anchored on a robust and solid framework of fiscal transparency without which developmental aspirations would be a wild goose chase. Thus, Nigerian leaders who aspire to develop this nation must summon the political will and put in place enabling legislation to enshrine fiscal transparency and accountability in the management of state funds.