The Economic and Financial Crimes Commission (EFCC) Chairman Ola Olukoyede yesterday expressed concerns over the persistent lack of transparency in the financial reporting system, particularly in the oil and gas sector.

He warned that the development is undermining national development and eroding public trust.

Speaking at a National Conference on Public Accounts and Fiscal Governance, organised by the Public Accounts Committees (PACs) of the Senate and House of Representatives in Abuja, Olukoyede said speculative earnings, unverifiable transactions, and weak oversight in key sectors continue to fuel inefficiency and corruption in public finance.

He said: “Opaque financial reporting, especially in the oil and gas sector, where earnings remain speculative rather than factual, is one of the most disturbing vulnerabilities in our system.

These weaknesses feed corruption and erode public trust.” The EFCC chief, represented by the Director of Public Affairs Wilson Uwujaren, also identified critical loopholes threatening Nigeria’s fiscal integrity.

These include non-compliance with financial regulations, unauthorised spending, diversion of public funds, and budget padding for non-impactful projects.

He also cited digital manipulation of government platforms such as the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS), which have become tools for payroll fraud in some ministries, departments and agencies (MDAs).