Friday, May 29, 2026
31.6 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
spot_img

Hot this week

Mutual Benefits Delivers Strong 2025 Financial Performance, Record Profit Growth, Balance Sheet Expansion

Mutual Benefits Assurance Plc has announced its audited financial...

Heirs Insurance Group Opens Entry for 5th Essay Championship with ₦11.5m Prizes for Students, Teachers, Schools

Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has opened...

NGX Seeks Cross-Listing Opportunities with Nairobi Securities Exchange

Alhaji (Dr) Umaru Kwairanga, Group Chairman, Nigerian Exchange Group...

NAICOM Issues First Insurtech Licence, Reinforcing Commitment to Innovation, Market Integrity

L-R: Mr. Suleiman Olalekan Ajani, MD/CEO, CBI Insurtech and...

NDIC Reiterates Commitment to Strong Deposit Insurance Funding to Enhance Financial System Stability

L – R: Executive Director, Corporate Services, Nigeria Deposit...

Topics

VISA Unveils Secure Payments Plan for Internet of Things

Visa says that it is expanding its Visa Ready...

If Rotimi Amaechi Will Be Nigeria’s President…

BY KENI AKINTOYE One of the greatest successes of any...

Market Statistics: Monday, 29th January 2018

Market Cap (N'bn)                15,882.6 Market...

Organic Solutions Targets 25, 000 Clients, Empower 5m Trainees in 5 Years

Mrs. Gloria Agudiegwu, Managing Director/CEO of Organic Solutions Nigeria...

Status of Contributory Pension Scheme in South East (June 2021)

Abia State • Enacted Law on the CPS in 2017. • Yet to...

The Power of Faith to End Extreme Poverty by 2030

Over 30 leaders from major world religions and heads...

FOR THE RECORD

Paper Presented by Olusola Teniola, President ATCON at Stakeholders...

Embracing Unity And Best Practices For A Better Nigeria

  By Evans Woherem, Ph.D Africa, and in particular Nigeria, holds...
spot_img

Related Articles

Popular Categories

spot_imgspot_img