Thursday, April 30, 2026
31.2 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

TeamApt CEO says Financial Inclusion is Dependent on Reliable Payment Ecosystem

L-R: Mr. Chike Onwuegbuchi, Chairman, Nigeria Information Technology Reporters’...

PalmPay Chief, Chika Nwosu: Embedded Finance is Key to Africa’s Digital Economy

L-R: Mr. Chike Onwuegbuchi, Chairman, Nigeria Information Technology Reporters’...

CreditRegistry Seeks Fair Digital Payments to Build Trust, Inclusion, Economic Prosperity

L-R: Mr. Chike Onwuegbuchi, Chairman, Nigeria Information Technology Reporters’...

Digital Encode CVO, Adewale Obadare at PAFON 3.0: Fintech Players Should Prioritise Trust over Speed to Counter Cyber Threats

L-R: Mr. Chike Onwuegbuchi, Chairman, Nigeria Information Technology Reporters’...

P+ Beats Three Agencies to Win NSIA Media Intelligence Business

P + Measurement Services Limited - (P+) has won the...

Topics

Orange Strengthens Connectivity Leadership in Africa with Djoliba Network

At the AfricaTech Festival (international trade fair, Orange and...

Access Bank Reports N168bn Earnings in Half Year 2015

Access Bank Plc, a full-service commercial bank operating in Nigeria, Sub-Saharan Africa and the UK, has released its audited results for the first half ended 30 June 2015, showing positive growth in financial indices.The Group recorded a strong performance in the first six months of the year, re-asserting its capacity and resolve to deliver strong returns in spite of a tighter operating environment.

Profit Taking in Banking Stocks Drags Market Performance… NSE ASI down 10bps

The negative performance of the local bourse was sustained...

Anchor Insurance MD, Austin Ebose, Bags Insurance CEO of the Year Award

Augustine Ebose Managing Director/CEO Anchor Insurance Company Limited The Managing Director, Anchor...

MTN Nigeria Reports Net Loss of N515bn in 9 Months of 2024

MTN Nigeria Plc net losses grew by more than...

NCDMB Acquires 20% Equity in 100kbpd Refinery Project

The Nigerian Content Development and Monitoring Board (NCDMB) has...

How to Influence people with new fashion trends

Elementum nulla turpis cursus. Integer liberos kusto euismod aene pretium faucibus ...
spot_img

Related Articles

Popular Categories

spot_imgspot_img