Accountants in Politics: Strengthening Governance, Public Accountability

Gboyega Nasir Isiaka

There is a familiar proposition that politics is too important to be left to politicians alone. In a constitutional democracy, that proposition is not an attack on politicians; it is a reminder that public leadership must draw on the knowledge, experience and ethical discipline of the wider society. Accountants have a particular contribution to make because nearly every public promise eventually becomes a question of money, priorities, controls and results.

A government may announce a capital project or a social protection programme. The public-interest questions are practical: Was the project properly costed? Was the money appropriated and released? Was procurement competitive? Was the contract delivered to specification? Did the intervention improve people’s lives? Were deviations explained and corrected?

These are not merely bookkeeping questions. They go to the heart of political choice, public trust and the legitimacy of the state. Accounting is therefore relevant to politics because sound public decisions require reliable evidence, disciplined resource allocation and an honest account of results. Accountants understand budgets, revenue systems, risk, internal controls, audit trails, financial reporting and value for money. Those skills can improve legislation, executive management and the scrutiny of public institutions.

However, a professional qualification alone does not guarantee an opportunity to influence public decisions. Accountants should make themselves available in the public space, whether through political appointments or elective positions.

This presentation reiterates that public accountability and good governance are necessary, though not sufficient, conditions for economic growth. It also highlights the important roles accountants can play in strengthening governance and promoting accountability in the public space.

Governance: The System That Turns Public Power into Public Value

Governance is the way public authority is exercised: how priorities are set, decisions are made, resources are allocated, institutions are supervised and results are evaluated.

Good governance is not synonymous with a government’s popularity or the number of policies it announces. It depends on the quality of institutions and the consistency with which they apply the law, use evidence, disclose decisions and respond to citizens.

Its core elements include the rule of law, participation, transparency, accountability, responsiveness, effectiveness, equity and control of corruption. These elements reinforce one another. A budget cannot be credible where procurement is opaque; an audit has limited value if its findings are ignored; and a public project cannot be called successful merely because the money was spent. Governance requires a complete chain, from policy design and appropriation to procurement, implementation, audit, public explanation and corrective action.

Governance also encompasses the traditions and institutions through which authority in a country is exercised. It plays a crucial role in shaping development outcomes. A large body of research supports the view that inclusive and accountable institutions promote economic growth and expand opportunities. Where governance systems struggle to perform these functions, development outcomes are often harder to sustain.

Attempts have been made to establish global initiatives for measuring governance. One such initiative is the Worldwide Governance Indicators (WGI), first published in 1999. It measures governance across six dimensions:

1. Voice and Accountability: Measures the extent to which citizens can participate in choosing their government, alongside freedom of expression, freedom of association and a free media. These principles are reflected in electoral participation and public engagement, including recent elections such as those held in Osun State.

2. Political Stability and Absence of Violence: Assesses the likelihood of political instability and politically motivated violence, including threats to the continuity of constitutional government.

3. Government Effectiveness: Examines the quality of public services, the competence of the civil service and the independence of public administration from undue political interference.

4. Regulatory Quality: Measures the ability of government to formulate and implement sound policies and regulations that support development and private-sector activity.

5. Rule of Law: Assesses the extent to which citizens and institutions have confidence in, and abide by, the rules of society. 6. Control of Corruption: Examines the extent to which public power is exercised for private gain and the effectiveness of institutions in preventing and addressing corruption.

Good governance requires government to be assessed through practical questions:

– Are capital projects selected according to public need and expected economic returns?

– Are debt proceeds used for their stated purposes?

– Do ministries publish reliable implementation reports?

– Are procurement rules applied consistently?

audit recommendations lead to recovery of public funds, institutional reform or lawful sanctions?

– Can citizens understand what government promised, what it spent and what it delivered?

These questions help establish whether public authority is being exercised responsibly and whether government activities produce meaningful results.

Public Accountability: From Disclosure to Consequences

Public accountability is the obligation of public officials and institutions to explain and justify the exercise of authority and the use of public resources, submit their decisions to scrutiny and accept appropriate consequences where standards have been breached.

It has at least three interconnected dimensions:

1. Answerability: The obligation to provide a clear and credible account of decisions and actions.

2. Enforceability: Independent scrutiny and the application of lawful consequences where wrongdoing or serious breaches occur.

3. Learning: Correcting institutional weaknesses to prevent the recurrence of failures.

The various dimensions of public accountability include:

– Financial Accountability: Requires institutions to track, audit and report public spending transparently, with appropriate independent oversight.

– Political Accountability: Requires elected officials and political leaders to answer to voters and the legislature for their decisions and performance.

– Legal and Judicial Accountability: Requires public officials and institutions to respect the Constitution, the laws of the land and the decisions of competent courts.

Financial accountability, for instance, should answer fundamental questions: What resources were received? Who authorised their use? What was purchased or delivered? What changed for citizens as a result?

Publication of figures is necessary but insufficient. Data must be timely, complete, comparable and understandable. Oversight must also be sufficiently independent to investigate irregularities and follow through on findings.

Nigeria’s accountability framework involves the legislature, Public Accounts Committees, the Auditor-General, internal audit units, procurement regulators, anti-corruption agencies, the courts, the media and citizens.

Each has a distinct role. Legislatures should scrutinise budgets and performance; auditors should report independently; executive agencies should respond to findings; enforcement bodies should investigate evidence within their mandates; and citizens should be able to access understandable information.

The accountability chain breaks when reports are delayed, records are incomplete, recommendations remain unimplemented or sanctions are applied selectively.

Nexus Between Good Governance and Public Accountability

One school of thought regards public accountability as a fundamental pillar of good governance because it limits the abuse of power. Another perspective holds that both concepts are mutually reinforcing principles that determine how effectively public authority is exercised, how responsibly public resources are managed and how well government fulfils its obligations to citizens.

Good governance encompasses transparency, participation, the rule of law, responsiveness, efficiency, equity and effective institutions. Public accountability gives these principles practical effect by requiring public officials to explain their decisions, disclose how resources are used, demonstrate results and accept appropriate consequences when they fail to discharge their responsibilities.

When a government practises good governance through transparency, it provides citizens with the information they need to hold their leaders accountable. Conversely, when robust public accountability mechanisms exist, they compel institutions to become more transparent, responsible and efficient.

The relationship is therefore reciprocal. Good governance creates the conditions for accountability, while accountability strengthens governance by exposing weaknesses, discouraging abuse and encouraging better performance.

Together, they provide a foundation for public trust, institutional credibility and sustainable development.

Role of Accountants in Politics in Promoting Good Governance and Accountability

Accountants in politics are professional accounting practitioners, including Certified Public Accountants, Chartered Accountants and Cost Accountants, who transition into public office, political leadership, legislative bodies or strategic policy roles.

Rather than relying solely on political rhetoric, these professionals apply financial discipline, auditing principles and quantitative analysis to public administration, legislative representation and fiscal policymaking.

Their professional training equips them to assess the financial implications of public policies, scrutinise government expenditure, identify financial risks and promote responsible resource management.

Primary Roles and Key Functions

Accountants can contribute to governance through several distinct roles.

1. Executive Leadership and Economic Management

Accountants who serve as presidents, governors, ministers, secretaries to government, commissioners and other executive officials can contribute to fiscal discipline, sovereign debt management, investment promotion, development planning and macroeconomic stability.

2. Legislative Functions

Within parliaments and the National Assembly, accountants can serve as legislators and members or chairpersons of committees responsible for public accounts, appropriations, finance and national planning.

Their expertise can strengthen the scrutiny of budgets, audit reports, budget implementation, the Medium-Term Expenditure Framework (MTEF) and other fiscal policy instruments.

3. Institutional and Administrative Leadership

Accountants can drive public-sector financial reforms, including the implementation of accrual-based International Public Sector Accounting Standards (IPSAS), medium-term expenditure planning and public procurement laws.

4. Anti-Corruption and Regulatory Governance

They can contribute to policies, treasury oversight standards and revenue auditing mechanisms designed to minimise revenue leakages, strengthen compliance and improve the management of public funds.

Key Dimensions of Good Governance and the Impact of Accountants in Politics

1. Transparency and Public Finance

Accountants can promote transparency by supporting the standardisation of financial statements through accrual-based IPSAS and translating complex budgetary figures into clear, accessible information that citizens can understand.

2. Accountability and Control of Corruption

They can strengthen Public Accounts Committees, improve engagement with revenue-generating agencies, design effective internal control systems and apply professional internal auditing frameworks.

3. Government Effectiveness and Efficiency

Government effectiveness involves producing results that meet public needs. Accountants can apply value-for-money audits to determine whether public spending achieves its intended objectives, going beyond simple compliance checks to assess actual results.

They can also promote performance-based budgeting by ensuring that capital expenditure is tied to measurable performance indicators.

4. Rule of Law and Statutory Compliance

Accountants can contribute technical precision to the drafting and implementation of financial legislation, including laws on public procurement and tax administration. They can also promote compliance with treasury regulations and statutory expenditure limits.

5. Strategic Vision and Long-Term Sustainability

By promoting medium-term expenditure frameworks and debt-sustainability assessments, accountants can help steer public policy beyond short-term budget cycles and encourage decisions that account for future obligations and development needs.

6. Consensus Orientation, Equity and Inclusiveness

Accountants can employ data-driven cost-benefit analysis to guide decisions on revenue sharing, fiscal decentralisation and the equitable distribution of public resources.

These contributions can help ensure that public spending reflects evidence, fairness and clearly defined development priorities.

Prominent Examples of Accountants in Politics

The following individuals illustrate different ways accounting professionals have participated in political leadership and public administration:

– Navdeep Bains (Canada): Served as Canada’s Minister of Innovation, Science and Economic Development and was a prominent member of Parliament.

– Sir George Torch (United Kingdom): The name and associated political and professional details should be verified before publication to ensure the accuracy of this example.

– John Dalli (Malta/European Union): Served as Malta’s Minister of Finance and later as a European Commissioner. His professional background and designation should be verified before publication.

– Remi Babalola (Nigeria): A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), he served as Minister of State for Finance and was associated with issues of financial transparency and federal allocations.

– Felix Kola Bajomo (Nigeria): A former ICAN president who served as a senator and brought financial expertise to legislative deliberations and oversight.

These examples demonstrate the potential value of professional financial knowledge in political and public-service roles. The specific professional credentials and contributions of each individual should be confirmed against authoritative biographical sources before the speech is delivered.

Barriers To Entry and Possible Inhibitions

Despite the value accountants can bring to political leadership, several barriers may discourage their participation.

1. The High Financial Cost of Seeking Political Office

Election campaigns can require substantial financial resources for mobilisation, communication, logistics and compliance with electoral requirements. These costs may discourage competent professionals who lack access to significant political funding.

2. Institutional Weaknesses

Weak political institutions, inconsistent enforcement of electoral rules and inadequate internal party democracy can limit the participation of professionals who seek to enter politics through established processes.

3. Politics as a Game of Numbers

Political success depends heavily on voter mobilisation, coalition-building and grassroots organisation. Professional competence alone cannot guarantee electoral victory; accountants must also understand constituency dynamics and build meaningful relationships with the electorate.

4. The Dominance of Political Capital over Professional Competence

Political influence, established networks, financial capacity and party structures may carry greater weight in candidate selection and electoral contests than technical qualifications or professional experience.

5. Conflict Between Professional Ethics and Political Realities

Accountants are bound by professional standards of integrity, objectivity and accountability. Political environments may present pressures that test these principles, requiring courage, sound judgement and a firm commitment to ethical conduct.

6. Political Goodwill

The willingness of political parties, institutional leaders and fellow political actors to accommodate professional expertise can determine whether accountants have meaningful opportunities to participate in decision-making.

Overcoming these barriers requires stronger institutions, transparent political processes, civic engagement, ethical leadership and deliberate efforts to encourage professionals to participate in governance.

Conclusion

Distinguished colleagues, the case for accountants in politics rests on the value of their knowledge of public finance, internal controls, accountability and resource management. When applied to political leadership, this expertise can help ensure that public policies are properly costed, budgets reflect genuine priorities, public funds are spent for their authorised purposes and government programmes deliver measurable benefits to the people.

The role of an accountant in government therefore extends beyond financial control. It is central to sound public administration, institutional discipline and national development.

However, technical competence must be matched by integrity, courage, empathy, political judgement and respect for the Constitution and independent oversight institutions.

Ultimately, the success of an accountant in politics should be judged by the prudent use of public resources, the strength of public institutions, the correction of administrative failures and the tangible improvement in citizens’ lives. It should not rest solely on the size of budgetary allocations, the sophistication of financial reports or the eloquence of public statements.

Public money is held in trust; it is not owned by those entrusted with its management.

Accountants are therefore encouraged to participate actively in politics and bring financial discipline to the exercise of public power. Their involvement can help ensure that every naira raised, appropriated and spent is justified by its purpose and its impact on society.

We must move from counting public money to making public money count.

Being a keynote address delivered by Isiaka, Chairman, House Committee on National Planning & Economic Development at the 56th Annual Accountants Conference of the Institute of Chartered Accountants of Nigeria, recently

‘Gboyega Nasir Isiaka — GNI, FCS, FCA

Chairman, House Committee on National Planning and Economic Development

MHR, Yewa North/Imeko-Afon Federal Constituency