Wednesday, November 26, 2025
29.9 C
Lagos

N229bn World Bank Windfall: States Refuse to Publish 2019 Budget

Nigerian state governments have proved that the returns from the usual business of budget secrecy are much more fulfilling to them than the $750 million incentive provided by the World Bank to encourage public finance transparency in Nigeria, BudgIT research has shown.

An 8-month painstaking effort, the assessment of the availability of public finance documents in state government domains reveals that only twenty-five states’ approved budgets are available online, a few of which are summarized scanned documents.

Eleven states (Lagos, Cross River, Akwa Ibom, Bayelsa, Ebonyi, Imo, Nasarawa, Oyo, Rivers, Sokoto and Zamfara) are yet to publish the details of their 2019 budget online, as of June 3rd, 2019, while Kwara state budget went missing on its website immediately after the recent transition.

This contravenes the ideals of openness and transparency in the management of public resources, which is the requisite guideline for the World Bank’s State Fiscal Transparency, Accountability and Sustainability (SFTAS) programme, a product of mutual agreement between the financial institution and the federal government to strengthen fiscal transparency, accountability and sustainability in Nigerian states as a means to turbo-charge their revenue base, increase fiscal efficiency in public expenditure while reducing debt overhangs.

The project in which all the 36 state governments submitted written expressions of interest commenced late 2018 after the endorsement by the National Economic Council in March.

It is shocking that any state would jettison the offer of a programme that was informed by serious fiscal challenges faced by states, the majority of which are still unable to pay workers’ salaries and pensions.

We must emphasise that Imo, Zamfara and Sokoto states have not published their budget documents since 2017, whereas Lagos State, which provides only a thumbnail of it, has a history of notoriously resisting attempts to uncover its financial dealings, thus embedding corruption.

“This situation notwithstanding, BudgIT will not give in on its advocacy for transparency and accountability in Nigeria. We shall look more critically at the proactiveness in the disclosure of financial information by Nigerian states as well as their compliance with the Freedom of Information Act,” affirms Gabriel Okeowo, BudgIT’s Principal Lead.

According to him, it is commendable that many other states have released full budget documents to the public. However, those documents must always be published within a reasonable timeframe in an accessible format.

This is pivotal in enabling citizens to engage legislators during budget debates. States with partially detailed budget documents – in public domains – must provide details of capital projects being executed for the fiscal year.

spot_img
spot_img
spot_img

Hot this week

Sovereign Trust Insurance Secures Board’s Approval to Raise N5bn Capital

Sovereign Trust Insurance Plc notifies its shareholders and the...

Stanbic IBTC Pension Managers Highlights Innovation at ART X Lagos

As ART X Lagos celebrated its tenth year, exploring...

Union Bank Unveils “Save & Gain” Campaign to Reward Smart Savers

Union Bank of Nigeria, one of Nigeria’s most trusted...

Fidelity Bank Reaffirms Support for Indigenous Oil, Gas Development

L – R: Executive Director -South, Mrs. Pamela Shodipo;...

Stanbic IBTC Pension Managers wins Best PFA Nigeria 2025 at Global Banking & Finance Awards

With a legacy built on trust, innovation, and results,...

Topics

WAICA Confab to Explore Climate Change Market Risk, Opportunities

The West African Insurance Companies Association (WAICA) Education Conference...

Nigeria’s 2015 Appropriation Bill: Legislators Adopt the Ostrich Strategy

A week after the House of Representatives passed the 2015 Budget, the Upper Chamber fulfilled its part of the Appropriation process by passing a N4.5tn budget. This is N134.4bn in excess of the N4.4tn submitted by the Executive arm late 2014. Meanwhile, recurrent expenditure was reduced slightly by N0.5bn to N2.6tn while capital expenditure was scaled down by additional N85.9bn to N557.0bn from N642.8bn proposed by the Executive arm. Effectively, this implies that recurrent expenditure is approximately five times the capital expenditure.

AfDB Seeks Global Support for Africa’s Young Farmers

The African Development Bank has called for global support...

The Fate of Oil in 2017

The Journey in 2016 It was a roller coaster year...

Nigeria’s Hotel Sector to Witness Highest Growth Rate in 5 Years – PwC

Africa’s hotel sector has the potential for further growth...

Telecom M&A, Digital Convergence Lead Deal Activity in Africa

TMT Finance is teaming up with IHS Towers, the...

‘World Bank Must Expand Capacity to Tackle Global Challenges’

The World Bank Group must become “better, stronger, and...

Olashore’s Lead Advisory Emerges Nigeria’s 1st Strategic Partner to WCF Forum

WCF, the world's biggest communication Forum in Davos, Switzerland,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img