Wednesday, February 4, 2026
27.5 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

Reputation Economy: How Nigerian Brands Won, Lost Public Trust in 2025

P + Measurement Services, Nigeria’s leading independent media intelligence...

Paga, Leadway Assurance Partner to Safeguard Doroki Merchants with Tailored Insurance Solutions

Paga, the fintech company behind the Doroki merchant platform,...

CBN Publishes Fintech Report: Shaping the Future of Fintech in Nigeria

The Central Bank of Nigeria has released a comprehensive...

Stanbic IBTC Bank Nigeria PMI: New Orders Broadly Stable at Start of 2026

Nigerian companies faced a muted start to 2026. A...

Topics

AIICO Restates Commitment to Annuity Business for Sustainable Growth

L-R: Senior Manager, Business Development, AIICO Insurance Plc, Victor...

Manage Your Career Beyond Degree, says Kendor Consulting CEO

L-R: Mr. Orimolade Oluwamuyemi, Regional Marketing and Communications Coordinator –...

NSE Unveils Composition of New Market Indices July 1

The Nigerian Stock Exchange (NSE) will unveil the composition of new market indices on Wednesday, July 1, 2015. This follows the results of the bi-annual review for The NSE 30 and the five sectoral indices of The Exchange - The NSE Banking, The NSE Consumer Goods, The NSE Oil & Gas, The NSE Industrial and The NSE Insurance. The Nigerian bourse began publishing The NSE 30 Index in February 2009 with index values available from January 1, 2007. On July 1, 2008, the NSE developed four sectoral indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors. The sectoral indices comprise of the top 10 most capitalised and liquid companies in the Banking, Insurance and Food/Beverage & Tobacco (now Consumer Goods) sectors and the top five most capitalised and liquid companies in the Oil & Gas (Petroleum Marketing) sector.

Ecobank CEO:  ‘Fintech, Banks, Telcos Should Partner for Economic Growth’

Patrick Akinwuntan Managing Director Ecobank Nigeria Patrick Akinwuntan, the Managing Director, Ecobank...

NGX Reaffirms Leadership in Advancing Africa’s Islamic Finance Ecosystem

Nigerian Exchange Limited (NGX) has reaffirmed its leadership in...

‘Enabling Digitally-led Trade Growth is a Key Opportunity’—Standard Bank

  Vinod Madhavan Head of Trade Standard Bank The Covid-19 outbreak is set...

Tope Smart, 47th AIO President, Unveils 5-Point Agenda

 L-R: Wife of the new President of African Insurance...

CBN, NDIC Re-affirm Commitment to Financial System Stability

The Governor of the Central Bank of Nigeria (CBN),...
spot_img

Related Articles

Popular Categories

spot_imgspot_img